CMGI Expects 12 Portfolio Firms to Go Public in Next 12 Months
Bloomberg News
April 27, 1999, 5:00 p.m. PT
CMGI Expects 12 Portfolio Firms to Go Public in Next 12 Months
San Francisco, April 27 (Bloomberg) -- CMGI Inc. Chairman
and Chief Executive David Wetherell said he expects about a dozen
companies in his Internet-venture fund company's portfolio to go
public in the next 12 months.
Engage Technologies, which makes online marketing software
to help identify Web audiences, and Silknet Software Inc., which
makes software for online marketing and customer relations, are
two of the candidates for initial public offerings. Recently,
Critical Path Inc., of which CMGI owned 7 percent, went public.
Andover, Massachusetts-based CMGI had a 4,622 percent
cumulative return on realized investments of its At Ventures fund
as of yesterday, said Wetherell, speaking at the Hambrecht &
Quist Technology conference in San Francisco.
Wetherell declined to comment on the status of potential
bidders for Lycos Inc., the No. 3 Internet search directory,
which agreed to be acquired by USA Networks Inc. to build an
electronic-commerce powerhouse. CMGI owns about 20 percent of
Lycos.
Wetherell quit Lycos's board in March because he thought the
terms of the combination were inadequate. USA Networks Chief
Executive Barry Diller wants to combine Lycos with his home-
shopping and other electronic-retail businesses, and give Lycos
shareholders 30 percent of the new combined company.
Wetherell hired Morgan Stanley Dean Witter & Co. to seek
other buyers.
Waltham, Massachusetts-based Lycos rose 4 3/16 to 100 15/16,
while CMGI fell 12 7/8 to 268 1/8.
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