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To: lee kramer who wrote (91437)	4/4/2000 6:49:00 AM
From: puborectalis	Respond to of 120523

Internet Capital Group Acquires Stake in DNI Holdings, Inc. Industry Pioneer for Electronic Derivatives Trading Key Strategic Acquisition for Internet Capital Group WAYNE, Pa.--(BUSINESS WIRE)--April 3, 2000--Internet Capital Group (NASDAQ:ICGE - news), a leading business-to-business (B2B) e-commerce company, today announced that it has acquired a minority interest in DNI Holdings, Inc. (DNI) for $29 million. DNI operates Blackbird, a leading global electronic over-the-counter (OTC) derivatives trading system. As part of the acquisition, Chris Klein, managing director of operations at Internet Capital Group, will join the DNI Board of Directors. Blackbird was co-founded in 1996 by Raymond May and Shawn Dorsch, two former derivatives and technology experts from JP Morgan. Blackbird's innovative trading system has significant momentum in the market with several leading derivatives dealers actively using it. Blackbird offers participating dealers several advantages over traditional trading channels, including increased market transparency and liquidity, superior execution, and significantly lower fees. ``Blackbird is revolutionizing the global derivatives business by automating a traditionally inefficient and cumbersome trading process. Blackbird will speed up trades, increase market liquidity, and potentially save traders millions in commissions,' said Klein. ``Financial services is a top priority market for Internet Capital Group, and we believe Blackbird will serve as our platform in the OTC derivatives market. The Blackbird technology, first-mover advantage and management domain expertise should propel the Company into a clear leadership position in this huge and growing market.' Since its inception in 1996, Internet Capital Group has acquired and built two types of companies: market makers, which bring buyers and sellers together by creating Internet-based markets for the exchange of goods, services and information in a particular industrial sector; and enabling services providers, which sell software and services to businesses engaged in e-commerce. ``Blackbird sought out Internet Capital Group's operational, strategic and financial support because of ICG's track record of building winning B2B e-commerce companies,' said Raymond May, CEO at Blackbird. ``We look forward to capitalizing on the expertise that Chris brings, as well the shared best practices and synergistic relationships inherent of ICG's collaborative network of partner companies.' About DNI Holdings, Inc. DNI Holdings, Inc. operates Blackbird, a leading global electronic inter-dealer trading system for OTC derivatives. Founded in 1996 by derivatives and technology experts from JP Morgan, Blackbird currently employs over 30 people and has offices in Charlotte, NC, New York City, and London.