AppNet to Acquire a Leading International e-Business Strategy Consulting Practice; Edgar, Dunn & Company to Join AppNet in Delivering End-to-End e-Business Solutions
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BETHESDA, Md.--(BUSINESS WIRE)--May 23, 2000--AppNet, Inc.
(NASDAQ:APNT), a premier provider of end-to-end e-business solutions,
today announced that it is acquiring Edgar, Dunn & Company (EDC), a
leading international strategy consulting firm with a primary focus on
e-business and offices in San Francisco, Atlanta, London, and Sydney.
EDC recorded 1999 revenues of approximately $9.5 Million and has
approximately 40 billable consultants. Consummation of the acquisition
remains subject to approval by the stockholders of EDC and certain
other conditions. AppNet will acquire EDC through a cash-and-stock
transaction. Specific financial terms of the deal are not being
disclosed.
"In acquiring Edgar, Dunn & Company, AppNet makes progress in two
important initiatives -- strengthening our strategy consulting
practice and expanding internationally," said Ken Bajaj, chairman and
chief executive officer of AppNet. "We are very excited to have such a
strong team of e-business experts joining the company."
EDC focuses on e-business and online commerce consulting in
financial services, telecommunications, and energy services. Their
clients include Fortune 1000 corporations, global financial
institutions, and Internet start-ups. EDC's clients include MasterCard
International, Wells Fargo Bank, Barclays Bank, Thomas Cook, eCharge,
CarClub, AT&T, CenturyTel, the International Olympic Committee, and
NASCAR.
EDC has a burgeoning e-business strategy consulting practice.
Their e-business experience ranges from business-to-consumer (B2C) to
business-to-business (B2B), in such industries as financial services
and telecommunications. EDC's strategy consulting work ranges from
advising clients on how to use the Internet to radically transform
payment processing, to developing new media and branding strategies.
Their projects include e-payments, online brokerage, security, chip
card, alternative payment technologies, online lending, and virtual
customer service projects.
"We are very excited to be joining the AppNet team. Our business
model has always been to help our customers with both pure strategy
development and implementation," said David Poe, managing partner of
Edgar, Dunn & Company. "AppNet's end-to-end e-business solutions,
cultural values, and delivery of superior quality work are directly
aligned with our company's vision for the future, helping us bring the
strong implementation component to our clients. We're looking forward
to driving AppNet's continued growth and success."
"One trend that IDC is seeing in the e-business services arena is
that firms need to provide comprehensive services from consulting and
strategy through implementation and integration. This acquisition will
strengthen AppNet's consulting services to match its existing
development and integration capabilities," according to Leo Lipis,
Senior Research Analyst, International Data Corporation (IDC).
About AppNet, Inc.
AppNet (NASDAQ:APNT) is a premier provider of end-to-end
e-business solutions, from interactive marketing to back-office
integration. For companies transforming themselves for the new
Internet economy, the firm offers a unique mix of Internet strategy,
marketing, and technology services. AppNet is the fourth largest
interactive marketing agency according to Ad Age and one of the 50
largest pure Internet companies, according to Internet World. AppNet
works with Fortune 1000 and dot.com companies. Customers include
UCCnet, Baxter Healthcare, Dial, ProcureZone.com Ford, Sprint,
Hyundai, bet.com, UNICEF, KB Toys, NEC, and Unilever.
This press release may include "forward-looking statements" for
purposes of the Securities Exchange Act of 1934. All statements
herein, other than those of historical fact, including statements
regarding future contractual arrangements or performance, competitive
strengths, and business strategy, are forward-looking. Actual results
or events may differ materially from those projected in such
forward-looking statements. Information regarding the factors that
could cause such differences is contained in AppNet's filings with the
Securities and Exchange Commission.
CONTACT: AppNet, Inc.
Alla Iaquinto, Media
301/581-2489
press@appnet.com
or
Kevin Taback, Investors
877/551-2323
ir@appnet.com
KEYWORD: MARYLAND PENNSYLVANIA INTERNATIONAL EUROPE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE INTERNET
SOFTWARE TELECOMMUNICATIONS E-COMMERCE
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