Rare Medium Named Second Fastest-Growing Internet Solution Provider
NEW YORK, Sep 12, 2000 (BUSINESS WIRE) -- Rare Medium (Nasdaq:RRRR) has been
recognized by VARBusiness magazine as the second fastest-growing company among
the top 500 Internet solutions providers.
The magazine evaluated Internet services companies, consultants and integrators
and selected the top 500 revenue producers in the industry. Using that list,
VARBusiness then selected the 50 companies that had delivered the highest growth
rates from 1998 to 1999. Rare Medium ranked second on the magazine's "Fast 50"
list, with revenue growth of 680 percent over that time period.
Rare Medium's strong revenue growth has continued into 2000, with the company
reporting an increase in second quarter Internet services revenue of 447 percent
compared to the second quarter of 1999. The company's consolidated revenue for
the six months ending June 30, 2000 increased by 565 percent over the first six
months of 1999.
A number of factors have combined to support this strong growth. Rare Medium has
expanded its global operations, growing from one office in 1998 to more than 20
today. The company has significantly augmented its talent pool across all
disciplines, with the number of employees increasing from less than 70 in 1998
to more than 1100 today. Additionally, Rare Medium is continuing to grow its
stable of strategic alliances. By forging solid alliances with industry-leading
companies, such as Microsoft, IBM and Sun Microsystems, Rare Medium is ensuring
that best-of-breed solutions can be quickly deployed to meet the specific needs
of each of its clients.
These factors, combined with Rare Medium's strategic expertise, intensified
focus on key vertical markets and proven user-centered design methodology has
led to impressive growth in both the number and scope of its client engagements,
including several multi-million dollar deals involving multi-year projects with
major corporations.
"Our growth has truly been a remarkable success story and it's extremely
gratifying to see how well we've done compared to many of our competitors," said
Suresh Mathews, president and chief operating officer of Rare Medium. "By
continuing to focus on our clients' needs and enhancing our ability to provide
them with the highest level of strategic, technical and creative skills and
service, we're keeping that momentum going and we're looking forward to building
on the success we've enjoyed."
About Rare Medium Group, Inc.
Rare Medium invests in next generation Internet companies and provides
end-to-end Internet Services. Rare Medium incubates, finances and manages
private companies and also makes strategic investments in independently managed
companies that it believes possess superior Internet-focused business models.
Rare Medium's Internet Services include development and authoring of business
plans and strategies; strategic, creative and technological consulting for Web
initiatives; on-line brand development and management; development of content
for broadband and wireless applications; and launch of on-line commerce trading
exchanges. Rare Medium leverages its Internet Services expertise to increase the
overall success of the companies in its investment portfolio.
Rare Medium employs over 1100 people in more than 20 locations worldwide. For
more information, visit raremedium.com.
Except for historical matters contained herein, the matters discussed in this
press release are forward-looking and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that these forward-looking statements reflect numerous assumptions
and involve risks and uncertainties that may affect Rare Medium Group Inc., and
its subsidiaries' business and prospects and cause actual results to differ
materially from these forward-looking statements. Among the factors that could
cause actual results to differ are Rare Medium's limited operating history;
competition; low barriers to entry; reliance on strategic relationships; rapid
technological changes; inability to complete transactions on favorable terms and
those risks discussed in the company's filings with the SEC.
CONTACT: Rare Medium
Elena Rohweder, 469/791-3702
Cellular: 214/679-7136
pr@raremedium.com
or
Wall Street Investor Relations Corp.
Joseph M. Zappulla, 301/907-4090
joez@wallstreetir.com |
