Hi all - some promising news, just what WHIT needs to get out of this technical doldrum!
biz.yahoo.com
Wednesday March 22, 6:00 am Eastern Time
Company Press Release
SOURCE: Whittman-Hart & USWeb/CKS
Whittman-Hart & USWeb/CKS Announces Venture Strategy
Bluevector Extends Firm's Range of Service Offerings and Capabilities
CHICAGO, March 22 /PRNewswire/ -- The combined entity of Whittman-Hart & USWeb/CKS (Nasdaq: WHIT - news), a leading global Internet professional services firm, today announced the formation of Bluevector, LLC, a venture capital organization that will serve as the exclusive platform through which Whittman-Hart & USWeb/CKS evaluates and pursues investments in emerging e-businesses and technologies.
The management of Bluevector is led by Michael Tunstall and Joe Josephson, both former Managing Directors in Credit Suisse First Boston's Investment Banking Technology Group, and Wayne Segal and Tony Trousset, both former Vice Presidents at Credit Suisse First Boston. Initially, offices will be located in New York City and the San Francisco Bay area.
``With Bluevector, we've forged a strategic relationship and a venture company run by the best in the business - seasoned professionals with significant experience developing some of the leading technology companies in the marketplace,' said Robert Bernard, President and CEO of Whittman-Hart & USWeb/CKS. ``Given the team's extensive experience and acumen, we are well positioned to seize the extraordinary flow of opportunities that we see in the marketplace and generate additional value for our employees, shareholders, and clients. Through a co-investment fund, employees will have a direct interest in the financial success of our clients, giving them the opportunity to benefit from the value they create while they're part of the Whittman-Hart & USWeb/CKS team.'
Whittman-Hart & USWeb/CKS will initially contribute $50 million as well as its existing portfolio of venture capital investments in return for a 50 percent stake in Bluevector. As well as being a strategic investor in Bluevector, Whittman-Hart & USWeb/CKS will be the preferred provider of professional services to Bluevector portfolio companies.
``We are very excited about our relationship with the largest pure-play Internet services firm in the world,' said Tunstall. ``The combination of Whittman-Hart & USWeb/CKS' business strategy, brand marketing and technology services coupled with our ability to deliver sophisticated financial advice and capital will make Bluevector a compelling destination for existing companies and start-ups embracing e-business.'
``We intend to quickly raise substantial additional capital from strategic investors,' said Josephson. ``Since the merger announcement and the formation of Whittman-Hart & USWeb/CKS, there has been huge demand from potential partners who have expressed interest in forming a venture relationship with Whittman-Hart & USWeb/CKS. These current and potential partners have recognized the company's power to generate business and investment opportunities. We're looking forward to working closely with a select group as equity participants as well as forming strategic relationships with them.'
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