Compaq Canada Corp. invests (US) $10 million in itemus inc.
First company in Canada to directly benefit from
(US) $1.1 Billion Compaq Strategic Investment fund
RICHMOND HILL, ON, Dec. 12 /CNW/ - Compaq Canada Corp. today announced
that, through an affiliate, it has made a strategic investment of (US)
$10 million in itemus inc. with the purchase of 12.6 percent common share
interest in itemus. The equity investment is the first deal of its kind in
Canada and is part of Compaq's integrated global strategy to fuel the growth
of Internet infrastructure.
"Compaq is extremely pleased to launch its Canadian investment initiative
by announcing an equity stake in itemus inc. -- a market defining Internet
company," says David Booth, President and Managing Director, Compaq Canada
Corporation. "Through investments such as this, it is Compaq Canada's
intention to accelerate Canadian new economy businesses and help them export
their expertise to the world."
For Compaq Canada, the investment in itemus represents the opportunity to
gain an early stage relationship with itemus' portfolio of high potential
emerging Canadian companies, to accelerate their growth and gain a preferred
supplier status for Compaq products and services. In addition to an equity
stake in itemus inc., a Compaq Canada executive will be nominated to sit on
itemus' board of directors.
"Compaq's investment in itemus is a clear validation of our vision of a
world enabled by effective, secure, mobile and continuous computing," said Jim
Tobin, President and CEO, itemus inc. "Compaq's ability to supply itemus and
its member companies with infrastructure that supports this vision is critical
to our continued success. By designating Compaq as an 'itemus preferred
supplier', the itemus family of companies ensures that its management and
product development cycles are supported by a rock solid computing platform."
About the Compaq Investment Strategy
Compaq, and in turn Compaq Canada, is targeting both new economy
accelerators, such as itemus inc., and fast growing service providers with an
integrated suite of programs including discounted financing through Compaq
Financial Services (CFS), equity investments and cooperative marketing.
Globally, the composition of Compaq's (U.S.) $1.1 Billion new economy focused
program consists of $ 600 million through CFS initiatives, $400 million for
equity investments and $150 million for cooperative marketing.
Company Backgrounds
itemus inc. is a leading architect of next generation Internet
Strategies, Solutions and Software for Global 2000 organizations. The
intellectual property of itemus is developing a new breed of solutions and
software for the new economy and providing a unique delivery mechanism for
organizations. itemus focuses investing efforts in three areas comprising the
next generation Internet: rich media, mobile economy and collaborative
commerce. Wholly owned entities within itemus include; itemus solutions,
Shooting Gallery and ideaPARK. For more information, please visit the
company's Web site at www.itemus.com.
Compaq Canada Corporation, a wholly-owned subsidiary of Compaq Computer
Corporation of Houston, Texas, markets offerings comprised of hardware,
software, solutions and services, including industry-leading enterprise
computing solutions, fault-tolerant, business-critical solutions, enterprise
and network storage products, commercial desktop and portable products, and
consumer personal computers.
With headquarters and distribution facilities in Richmond Hill, Compaq
Canada Corporation has 3,000 employees located in 41 offices across Canada,
including Vancouver, Edmonton, Calgary, Regina, Winnipeg, London, Mississauga,
Markham, Ottawa, Montreal, Quebec City, Moncton, Halifax and St. John's. With
the exception of its larger scale technologies and services, Compaq products
and services are sold and supported through a network of more than 3,800
marketing partners across the country.
Compaq and the Compaq logo are registered with the United States Patent
and Trademark Office. Product names mentioned herein may be trademarks
and/or registered trademarks of their respective companies. |
