THCG Venture Portfolio Company Raises $20 Million; SoftWatch Attracts Capital in Mezzanine Round Financing
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NEW YORK--(BUSINESS WIRE)--May 19, 2000--THCG, Inc. (NASDAQ:THCG)
today announced that SoftWatch, a venture portfolio company in which
THCG owns 1.3%, secured $20.1 million in mezzanine round financing
from Warburg, Pincus Equity Partners, L.P. and related entities, ABS
Capital Partners, III L.P., and existing investor, Bedrock Capital
Partners. Credit Suisse First Boston Corporation acted as the
Company's sole placement agent and exclusive financial advisor.
Adi Raviv, co-CEO of THCG, said, "We congratulate SoftWatch's
management on its success and excellence in becoming a leading
provider of e-solutions for the healthcare and pharmaceutical
industries. The Company has developed a unique and powerful technology
platform and has assembled a strong management team. SoftWatch is well
positioned to become the dominant provider of Internet-based
relationship management software products and services that enable
healthcare and pharmaceutical companies to develop, maintain and
extend their online initiatives." Proceeds from this financing round
will be used to fund infrastructure expansion, including continued R&D
and product development, and for increased sales and marketing
activity in the U.S. and Europe.
THCG and affiliates were early stage investors in SoftWatch.
SoftWatch was founded in 1994 and has offices in Tel Aviv, Israel and
in New York. SoftWatch is one of the 15 venture portfolio investments
that THCG and its affiliates, including THCG Venture Partners I LLC
and Walnut Growth Partners, L.P., have made since 1997. In addition,
THCG has economic interests in an additional 14 Internet and
technology companies that it has either acquired on its own, through
its wholly owned subsidiary Tower Hill Securities, Inc., by
acquisition of Mercury Coast Inc., as a result of the merger with
Walnut Financial Services, Inc., and/or in the form of warrants
received in connection with its Venture Banking and Venture
Development activities.
About THCG
THCG is an active Internet accelerator providing V3
enterprise-enhancing services -- a seamless integration of venture
development, venture banking and venture funding services -- on a
global basis. THCG's mission is to identify and build significant
companies by partnering with leading Internet entrepreneurs and
traditional brick and mortar companies migrating to the Internet. The
THCG partner company portfolio includes Convergence MediaGroup, Inc
(www.cmg-us.com), Designer Jewelry On Line, Global Credit Services,
Inc. (www.globalcreditservices.com), Globecom Interactive, Inc., IT
Utility, Inc. (www.itutility.com), and Test University, Inc. THCG also
has equity interests in more than 10 additional Internet-related
companies, including iBeauty.com (www.ibeauty.com), BroadVision, Inc.
(NASDAQ:BVSN, www.broadvision.com), LogNet Systems Inc.
(www.lognet.co.il), Passport New Media, Inc. (www.yourownworld.com),
TechOnLine, Inc. (www.techonline.com), RealTimeImage Inc.
(www.realtimeimage.com), SoftWatch Ltd. (www.softwatch.com), SunShine
Media Corporation (www.bikini.com) and webMethods, Inc.
(www.webmethods.com). THCG's web site is located at www.thcg.com.
About SoftWatch
SoftWatch is a leading developer of e-healthcare relationship
management (eHRM(TM)) solutions for the healthcare and pharmaceutical
industries. Its Web-based platform, the SoftWatch Relationship Server
(SRS(TM)), enables health and medical organizations to create highly
targeted e-health marketing and e-business initiatives including
professional and consumer portals and communities. Global customers
include such industry leaders as Abbott Laboratories, Aventis Pharma,
Johnson & Johnson, Procter & Gamble, Schering-Plough, Pharming BV and
CBS-Medscape. Founded in 1994, SoftWatch has offices in Ramat Gan,
Israel and in New York.
"SAFE HARBOR" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: The statements contained in this release which are not
historical facts are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include the Company's entry
into new commercial businesses, the risk of obtaining financing, risks
associated with start-up and early stage enterprises, risks associated
with providing services over the Internet, and other risks described
in the Company's Securities and Exchange Commission filings.
CONTACT: THCG, Inc., New York
Shai Novik, 212/223-0440
Chief Operating Officer
snovik@thcg.com
www.thcg.com
or
Lippert/Heilshorn Assocs., New York
Investor Relations:
Lisa D. Lettieri, 212/838-3777
Vice President
lisa@lhai.com
or Media Relations:
Elissa Grabowski, 212/838-3777
Assistant Vice President
elissa@lhai.com
www.lhai.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: INTERNET BANKING
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