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Technology Stocks : Internet Capital Group Inc. (ICGE) -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (777)	11/12/1999 6:24:00 PM
From: Susan G	Respond to of 4187

Internet Capital Group Acquires Majority Stake in Purchasing Solutions, Inc. ====================================================================== WAYNE, Pa.--(BUSINESS WIRE)--Nov. 12, 1999-- Business-to-Business E-Commerce Holding Company Combines Capital, Operating Expertise and Network to Help Build Leader in Web-based Procurement Internet Capital Group (NASDAQ:ICGE), a leading business-to-business e-commerce company, today announced that it has made an acquisition in Purchasing Solutions, Inc. (PSI), an e-commerce purchasing service that helps companies reduce total procurement costs. In addition, Internet Capital will provide the operational, technical and strategic support necessary to help Philadelphia-based PSI become the leading provider of web-based procurement solutions. Internet Capital's funding totals $12,000,000. "As companies seek new opportunities to enhance productivity and reduce costs, supply chain management, particularly the corporate procurement process, is emerging as a huge opportunity," said Bob Pollan, Managing Director at Internet Capital Group. "To address this growing need, we are adding our operational, technical and strategic expertise to PSI's groundbreaking model for providing Internet procurement tools that help companies achieve major efficiencies in the supply chain." PSI combines strategic sourcing and consulting with online purchasing to deliver lowered unit cost, decreased transaction/processing costs and improved information/data and analysis. These solutions extend product selection and order initiation to the desktops of frontline employees while maintaining the controls, contracts and business rules of the organization. "Joining the synergistic network of Internet Capital partner companies gives us access to cutting-edge technology and operational support, as well as strategic expertise," said Rick Berry, founder of PSI. "Internet Capital's B2B know-how will help PSI become the leading provider of web-based purchasing solutions throughout organizations across all vertical industries." About Purchasing Solutions, Inc. With offices in Philadelphia, Chicago and London, PSI provides consulting, automation and ongoing purchasing solutions for a host of Fortune 2000 companies in several vertical industries. These and other early adopters of Internet procurement technologies have realized significant benefits in the areas of reduced prices for goods and services, shorter order and fulfillment cycles, lower administrative costs, increased control over off-contract purchases, purchasing standardization and improved inventory practices. About Internet Capital Group Internet Capital Group is an Internet holding company actively engaged in business-to-business e-commerce through a network of Partner Companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximize the long-term market potential of more than 40 business-to-business e-commerce partner companies. CONTACT: Internet Capital Group Mary Stubbs, 415/356-1006 stubbsm@fleishman.com KEYWORD: PENNSYLVANIA ILLINOIS INTERNATIONAL EUROPE INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET MERGERS/ACQ PRODUCT Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1999, Business Wire