Kai,...Divine InterVenture (DVIN) has filed to float an IPO on March 6th. It will be underwritten by CS First Boston with Donaldson Lufkin and Bear Stearns as co Managers. It appears that they are doing Softbank a reverse one up play where they are copying Softbank's model and applying it to the US Market. They even call themselves "the First True Internet Zaibatsu". <G>. Clever, these Americans.
They are joining the horde of others who see gold in doing what CMGI and Softbank are doing. They are also filling the opening that Softbank is leaving them and others because Softbank does not have an American Exchange listing. The irony is that Softbank is still a major player in the US Market with Yahoo US representing around half their publicly traded assets. The big important difference is that DVIN is starting out focused on B2B ventures and they have a physical presence right in the heart of Chicago.
My initial interest in DVIN was in their need to get the Investment Company law of 1940 changed to accomodate their investment style (much like Softbank). I figured that it would help Softbank if DVIN can get the right political support. The current Mayor Daley (son of the legendary "Boss" Daley, late Mayor of Chicago, and political kingmaker) is backing an urban renewal project in Chicago on Goose Island in the Chicago River. It is urban renewal for high tech industry. (I used to take my sailboat past Goose Island moving from Lake Michigan to Winter storage). So DVIN's success may be tied to the current Mayor Daley. (Another Daley son is in Washington DC at the Commerce Dept).
It will be interesting to watch the DVIN story develop and to observe the impact on legal changes to American law that will hopefully benefit Softbank. There is an interesting political insiders game to be played out here.
divineinterventures.com
divine interVentures is creating vital businesses for the new economy. And we're doing it at an accelerated pace. divine gives promising Internet startups and corporate Internet spin-outs exactly what they need to build successful business-to-business Internet companies. We provide the nurturing environment, capital, and services that let Internet entrepreneurs focus their energy on their core businesses. Services like web design and development, sales and marketing, legal assistance, and IT hosting.
We're the first true Internet Zaibatsu ? a synergistic community of Internet companies that work together to create mutual opportunities. divine builds upon the 12-year entrepreneurial experience of PLATINUM technology and its key team members. The combined strengths have produced a rich, fertile environment in which divine can encourage companies to collaborate, share ideas, and leverage each other's strengths. And, it's in this unique environment that we can deliver the turnkey business experience Internet entrepreneurs want ? and the guidance and passion they need at every stage of their evolution.
The result? divine companies are empowered on every level. Empowered to develop and deliver the Internet products and services the market is ripe for. Empowered to get to market sooner rather than later. These mutually beneficial relationships and operational synergies mean exceptional returns for everyone ? our employees and business allies ? and of course, our partner companies. By building a vital Internet economy and thriving work culture, divine is creating a better future for everyone. |
