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BOSTON--(BUSINESS WIRE)--Feb. 22, 2000--Corechange, Inc., the leading provider of enterprise information and business to business portal solutions, announced today that it has raised $17.7 million in new capital from an investor group.
Corechange's second round of financing was led by new investors ABN AMRO Private Equity and Xcelera.com (Amex: XLA), an international Internet technology holding company and existing investor HarbourVest Partners, a leading technology venture capital firm. The funds will be used to support Corechange's operations and growth strategy.
"This is an exciting time for Corechange as we enter the next stage of our growth," said Ulf Arnetz, President and Chief Executive Officer. "Over the past two years, we have developed and refined our role-based B2B and enterprise information portal, Coreport, into one of the most advanced, industry-leading options for businesses who want to provide for their customers, partners and employees, a unified, orderly and efficient access to information through a single point. Our goal is to leverage our leading position to take advantage of the exploding B2B and enterprise information portal market. The B2B market alone is expected to be worth $1.5 trillion in 2003 according to Forrester Research. We are extremely excited about the composition of the investors in this round, each of whom will contribute to the continued success of our Company."
"We are extremely pleased to have led this round of financing for Corechange," says Dan Foreman, Managing Director of ABN AMRO Private Equity. "Corechange's B2B and enterprise information portal complements our Internet services and infrastructure software investments. This combination will provide a clear advantage for Corechange to be an important player in this burgeoning market," says Foreman.
"Corechange technology can play a central role in the trillion dollar emerging global B2B market," said Gustav Vik, Executive Vice President of Xcelera.com. "Corechange's unique technology will revolutionize the way information is accessed and presented to customers, suppliers, partners, management and employees. The products have global application, and are already deployed in seven countries in Europe and North America."
"Corechange's web based infrastructure technology has sparked the Company's dramatic growth over the past two years, and we are excited to join them for what is their - and our-second round of financing," said Ofer Nemirovsky, Managing Director of HarbourVest Partners. "Many companies have claimed to produce the 'digital dashboard,' a knowledge worker's customized, filtered single point of access to information, but few have the depth of technology and experience to provide the easy, cost-efficient implementation across the enterprise that Corechange does."
ABN AMRO Private Equity is an independent investment arm within ABN AMRO Bank, one of the world's largest financial institutions with over $500 billion in assets. ABN AMRO Private Equity holds positions in such companies as Phone.com and Integrated Information Systems. www.abnequity.com
Xcelera.com (AMEX: XLA) is an international Internet technology holding company with core holdings in Mirror Image Internet, deo.com, MNW Records Group, e-game.com and others. Xcelera.com was the best performing stock in the US during 1999. www.xcelera.com
HarbourVest Partners LLC, is one of the East Coast's premier technology venture capital firms, holding leading positions in such firms as Clarus Corp, UUNet and Digital Insight. Currently HarbourVest Partners have assets under management in excess of $11 billion. www.harbourvest.com
About Corechange
Corechange was founded in 1996 in partnership with Massachusetts-based Cambridge Technology Partners to develop portal solutions to improve the way enterprise information is shared in organizations by providing faster, more efficient and tailored access. Spun-off as an independent company in 1997, Corechange introduced its B2B and enterprise information portal product, Coreport, in August of 1999. Coreport is the first and only browser-based portal product to provide users of whatever kind with a role-based single point of access to all information and applications simply, quickly, and tailored to their needs.
Corechange customers include ABB, AMB Property Management, British Telecom North America, Cap Gemini, City of Stockholm, CSFB, Duke University, Ericsson, Fidelity, Guardian Insurance, Health Systems Minnesota, Manor Bakeries, New Britain General, Norsk Hydro, The Office of the Comptroller of the Currency, SAAB, SHL, Storebrand, Swedish DOD, Telenor, Telia, United Health Services, University of Chicago, University of Illinois, University of Michigan, Volvo and the WorldBank.
Expand your portal view today by visiting the Corechange web site at www.corechange.com |
