Compaq, CMGI team on employee site
By Margaret Kane ZDII
zdii.com
Compaq Computer Corp. (NYSE: CPQ) and CMGI Inc. (Nasdaq: CMGI) have formed a joint venture focused on providing services to employee groups.
The new firm, dubbed Freeup LLC will receive $20 million from the two companies, with Compaq getting a controlling interest. The company will launch a Web site later this year, and will generate revenues through subscriptions, advertising and sales of goods and services.
Mia Shernoff has been named CEO, reporting to a five-person governing board of managers that includes three Compaq-appointed and two CMGI-appointed members. She formerly served as executive vice president and managing director of Aon Corp.
Freeup.com's goal is designed to help employees simplify work processes and increase productivity. The site will initially target the information technology community.
In a release, CMGI CEO David Wetherell said the new company should bring a "dynamic new revenue stream for the CMGI-affiliated products and services."
The companies specifically mentioned CMGI firms NaviSite (Nasdaq: NAVI), a web and applications services host; and Engage (Nasdaq: ENGA), an ad serving and campaign management services firm.
In addition to CMGI firms, Freeup will offer products and services from companies including Intel Corp. (Nasdaq: INTC) Microsoft Corp. (Nasdaq: MSFT), CNET Networks, Inc. (Nasdaq: CNET), Commerce One (Nasdaq: CMRC), DigitalThink (Nasdaq: DTHK) and Intraware (Nasdaq: ITRA). |
