donnie and thread, interesting investment...dell is on the right track imo...38 looks good for a change :)
LANTE POSITIONS ITSELF FOR FUTURE GROWTH AND EXPANSION NEW CEO AND $25 MILLION INVESTMENT FROM FRONTENAC, DELL AND ADVISORY GROUP TO DRIVE E-Business Services Growth
PR NEWSWIRE - June 21, 1999 09:24
CHICAGO, Jun 21, 1999 /PRNewswire via COMTEX/ -- Lante Corporation, the industry leading .com business builder, today announced two significant developments that further positions the company for continued growth and expansion. Rudy Puryear, e-business industry luminary and Andersen Consulting Global Managing Partner -- eCommerce, will join Lante as president and chief executive officer. Mark Tebbe, who founded the company in 1984 and previously served in this capacity, will remain chairman. Lante also announced that it has received $25 million in financing from an investor group comprised of Frontenac Company, Dell Computer Corporation and members of Lante's advisory group.
"Three years ago we embarked on a strategy and began taking specific steps to establish Lante as a premier e-business services provider in the Internet marketplace -- today we reached two significant benchmarks along thatpath," said Tebbe. "Our addition of a highly qualified, Internet-savvy CEO todrive the business coupled with the infusion of $25 million in equity capital give Lante the leadership and financial flexibility required to expand its success as the leading .com business builder."
Puryear Named President and CEO "Rudy Puryear's vision, recognized thought leadership and proven management credentials make him a pivotal addition to our executive team and the ideal person to lead Lante to an undisputed industry-leading position," saidTebbe.
A seasoned expert with nearly 30 years of experience in the information technology services industry, Puryear, 48, has spent 20 years consulting to major organizations regarding technology as an enabler of strategic change. He was responsible for the overall development and direction ofAndersen's e-commerce strategy and had recently assumed a leadership role in the definition and management of its e-commerce alliance and venture initiatives. Under Puryear's direction, Andersen's business in this market niche grewto more than $400 million and was recently ranked the largest e-commerce practice in the world by market research firm International Data Corp. Prior to that role, Puryear started, built and ran Andersen's world-renowned technology strategy practice.
"I am confident that I can drive Lante's accelerating growth and am excited about the challenge of taking a company that is on the leading edgeof electronic commerce even further," said Puryear. "Lante is an Internet trendsetter, not an industry follower, and I look forward to driving the innovation and momentum that Mark has created. I am anxious to work withhim and the rest of the Lante team as we focus on the next phase of growth and expansion." Puryear will officially join Lante at the beginning ofJuly.
In his role as chairman, Tebbe will provide perspective and industry insights as Lante refines its focus within the .com market space -- both Internet business ventures and established companies looking to effectively weave the Web into their overall business strategy and operations.
Capital Investments Lante also announced an infusion of $25 million in equity capital that will provide the company greater financial flexibility in pursuing its aggressive growth strategy.
"These investments further validate our expanding role in the e-business industry and clearly demonstrate our investors' confidence in our business model and long-term growth potential," said Tebbe. "We intend to use the increased capital to attract and retain top talent, bolster our infrastructure to support rapid growth, continue building our brand awareness and market position, and for possible acquisitions that would complement our businessstrategy."
According to James Cowie, general partner of Frontenac, "Lante's leadership in the e-business space makes it a perfect fit for our Internet services investment strategy. We are delighted to partner with this outstanding management team in providing electronic commerce solutions to successful .com businesses." Cowie and Frontenac general partner Paul Carbery will join Lante's Board of Directors.
"Lante is an attractive investment opportunity for Dell," said Alex Smith, vice president of Dell's business-development group. "And leading e-business consulting capabilities are increasingly important to Dell and to our customers."
About Lante Corporation Lante Corporation ( www.lante.com ) helps create, launch and continuously improve successful .com businesses. The firm partners with Internet commerce ventures and leading corporations committed to creating on-line enterprises to develop and continuously improve core Web business applications. These seamlessly integrated, high-impact solutions help clients generate revenue; deepen customer and other partner relationships; and reduce sales, marketing and operating costs. Lante serves a worldwide client base from offices in Chicago, New York, San Francisco and Seattle, with new locations planned for 1999.
About Frontenac For nearly three decades, Chicago-based Frontenac Company has made private equity investments to complete acquisitions and growth financing in segments of Information Technology Services, Consumer and Industrial, and Health Care Services markets. Frontenac employs an executive-driven CEO1ST approach to its investments and actively seeks to partner with experienced senior managers to build companies within the firm's three industry areas of focus. Since 1971, Frontenac has invested approximately $750 million in over 150 companies with aggregate revenues that today exceed $15 billion. The firm's current fund, Frontenac VII, was formed in 1997 and has $300 million of equity capital.
About Dell Computer Corporation Ranked No. 78 among the Fortune 500 companies and No. 363 in the Fortune Global 500, Dell Computer Corporation is the world's leading direct computer systems company, based on revenues of $19.9 billion for the past four quarters. Dell designs, manufactures and customizes products and services to customer requirements and offers an extensive selection of software and peripherals. Information on Dell and its products can be obtained through its toll-free number 1-800-388-8542 or by accessing the Dell World Wide Web site at www.dell.com .
SOURCE Lante Corporation (C) 1999 PR Newswire. All rights reserved. prnewswire.com -0- WEB PAGE: dell.com lante.com
GEOGRAPHY: Illinois
INDUSTRY CODE: CPR
News provided by COMTEX
|
