Online Automotive Technology Industry Leader Wins Rising Star Award; Deloitte
and Touche Honors The Cobalt Group at the Fast 50 Awards
SEATTLE, Sep 22, 2000 (BUSINESS WIRE) -- The Cobalt Group (Nasdaq:CBLT) has
taken another right turn toward gaining recognition as the leading provider of
Internet-based business-to-business services to the automotive industry.
Last night, Cobalt was named one of the Top 10 Rising Star Award winners in
Washington state by Deloitte & Touche in its Washington State Technology Fast 50
Program.
"The Cobalt Group is honored to receive the Rising Star Award," said John Holt,
president and CEO of The Cobalt Group. "It is with great pride that I attribute
this success to the 550-plus employees who are working to make The Cobalt Group
the leading provider of Web-based technology and business solutions to the
automotive industry."
To determine its winners, Deloitte & Touche accounting experts reviewed Cobalt's
revenues for the past three years (1997-1999), calculated growth percentages and
compared the company's growth to other technology companies in Washington state
that met the Fast 50 criteria. In the last three years, Cobalt's revenues have
increased from $1.71 million in 1997 to $23.3 million in 1999.
Cobalt has developed relationships with nearly half of the nation's auto
dealers, 15 major auto manufacturers and more than 50 of the 100 largest dealer
groups in the United States. In the past three years, the company conducted its
IPO; opened a dealer technology center in Austin, Texas and a regional account
services office in Detroit, Mich.; bought two companies (PartsVoice and
IntegraLink); and launched MotorPlace.com, a business-to-business portal for the
automotive industry. The company has grown from its two original founders to a
staff of more than 550.
"Technology as we know it has become part of our everyday existence. We at
Deloitte & Touche salute The Cobalt Group, whose leaders have the vision and
whose staff possess the energy and capabilities to not only keep up with the
demands of today's fast-paced technology, but be a leader in the marketplace,"
said Deloitte & Touche partner Larry Hile. |
