Always good to have another partner.
Fez
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GlobalCenter and Tanning Technology Form Strategic Relationship
SUNNYVALE, Calif. and DENVER--(BUSINESS WIRE)--Feb. 1, 2000--
Leading Commerce Service Provider and Leading IT Services Company
Team to Build End-to-End Global e-Business Infrastructure for the New Economy
GlobalCenter Inc., a Global Crossing Ltd. (Nasdaq:GBLX) company, a leading Commerce Service Provider and Internet network solutions company, and Tanning Technology Corporation (Nasdaq: TANN), a leading IT services company focused on the e-Business industry, today announced the formation of a strategic relationship to deliver the next generation end-to-end e-Business infrastructure for global clients.
The relationship involves three components: an equity investment by GlobalCenter in Tanning, a preferred marketing arrangement between the two companies and a direct engagement by GlobalCenter of Tanning's services. The equity investment includes GlobalCenter's purchase of $10 million of Tanning common stock at $43.625 per share, the closing price of Tanning common stock on January 31, 2000.
As part of the preferred marketing arrangement, Tanning and GlobalCenter will work together to create, market, sell and deliver combined service offerings to their clients. GlobalCenter has also engaged Tanning to provide specialized consulting and project services to expand on GlobalCenter's Commerce Service Solution, which provides the infrastructure necessary to enable the scalability of Internet businesses.
Together, GlobalCenter and Tanning will target global enterprises that are launching or expanding their Internet businesses and looking to achieve a time to market advantage with an available, reliable and highly scalable operating environment. Such enterprises are expected to include leading companies in the media, entertainment, telecommunications, financial services, transportation, logistics and healthcare industries.
The unique combination of GlobalCenter's utility applications, intelligence and open systems infrastructure, which includes Global Crossing's international IP network, with Tanning's "heavy lifting" solution and integration skills will provide customers proven end-to-end solutions at reduced total costs of ownership.
"We are delighted to partner with Tanning to help architect and deliver the next generation of globally distributed Internet services to our customers. Tanning is known for its 'heavy lifting' technical skills, and it brings unmatched capabilities in distributed multi-tier Internet applications and content, very large databases and complex systems integration, which will help us deliver the end-to-end services now demanded by our customers," said Leo J. Hindery, Jr., Chairman and CEO of GlobalCenter. "I've worked closely with Tanning and see their skills in complex applications and systems integration as a tremendous value-add to our customers which require enhanced services for the scalability of their Internet businesses," Hindery recently joined Tanning's Board of Directors.
"Our partnership with GlobalCenter offers the opportunity to create something truly unique -- the global e-Business infrastructure for the new economy. It will combine the end-to-end offerings of global transport, hosting and distributed application and content with the complex systems integration capabilities that customers now require," said Larry Tanning, the founder and CEO of Tanning Technology. "As the new economy continues to move to a global business-to-business model, the distribution of business software applications and content is critical, and our combined focus will be to insure that these new demands are met."
About GlobalCenter
GlobalCenter Inc. is a subsidiary of Global Crossing Ltd. (Nasdaq:GBLX). As a leading Commerce Service Provider and Internet network solutions company, GlobalCenter delivers the only integrated commerce solution designed for scale in the global "e"conomy. By seamlessly integrating its proprietary infrastructure, applications and intelligence, GlobalCenter provides customers the Internet infrastructure necessary to manage online enterprises that are highly available, flexible and scalable. GlobalCenter's customers include many of the largest and most densely trafficked sites on the Web, including Yahoo!, The Motley Fool, Ziff Davis, MP3.com and eToys. Global Crossing, GlobalCenter's parent company, is building and offering services over the world's first global fiber optic network with 97,200 announced route miles, serving five continents, 24 countries and more than 200 major cities. For more information, contact GlobalCenter at www.globalcenter.net or Global Crossing at www.globalcrossing.com.
About Tanning Technology Corporation
Tanning Technology: Building the Global Business Infrastructure for the New Economy. Tanning Technology (Nasdaq: TANN) is an information technology solutions provider that architects, builds and deploys enterprise solutions for companies throughout the world Tanning specializes in large, complex, integrated solutions that incorporate online transaction processing and very large databases. Internet technologies are central to Tanning's solutions, enabling direct interaction among customers and business partners on the World Wide Web and among employees within organizations on their private intranets. Tanning provides customer solutions in the areas of Customer Relationship Management, Supply Chain Management and Core Operations Processing, and provides customers with project teams composed of industry leading talent and experience. Tanning currently employs over 300 people globally. More information about Tanning can be found at tanning.com. |
