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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (32808)	3/9/2001 8:37:49 AM
From: im a survivor	Respond to of 65232

Internet Capital Group Sells Stake in RightWorks to i2 Transaction Frees Additional Resources to Focus On Building Market Leaders; Positions RightWorks' Second-Generation Technology in Market Leading Supply Chain Solution WAYNE, Pa.--(BUSINESS WIRE)--March 8, 2001-- Internet Capital Group (Nasdaq:ICGE - news), a leading business-to-business e-commerce (B2B) company, today announced that its partner company RightWorks Corp. has agreed to merge with i2 Technologies, Inc. (Nasdaq:ITWO - news). Internet Capital Group (ICG) expects to receive approximately 4 million shares of i2 common stock in connection with the transaction. Consummation of the merger is subject to various closing conditions, including regulatory approval. ``ICG continues to focus its resources on key partner companies with the mission of building leading companies that deliver efficiencies and cost savings to business,'' said Walter Buckley, president and CEO of ICG. ``With this mission as our guide, ICG will continue to pursue strategies to drive its partner companies to no. 1 or no. 2 market positions and to maximize shareholder value.'' ``ICG is very focused on one goal: to help drive our partner companies to achieve leadership by delivering the greatest value to customers. We're very proud to have helped drive the traction that RightWorks has made over the past year -- including building the management team, focusing the strategy and strengthening the value proposition,'' said Sam Jadallah, managing director at ICG and chairman of the Board of RightWorks. ``The combination of RightWorks and i2 is clearly the right formula for taking this success to the next level.'' In the past six months, as an ICG partner company, RightWorks has grown its customer base by more than 300%, with key recent wins including First American, National Bank of Canada and Suez Lyonnaise Des Eaux, the largest energy utility in France. RightWorks also significantly broadened its management team and signed partnerships with Hewlett Packard, Tivoli and Cap Gemini Ernst & Young. ``This transaction strengthens RightWorks' market position by aligning its leading technology with i2's powerful brand and established sales and distribution channels,'' added Buckley. ``At the same time, this sale bolsters ICG's financial strength, consistent with our commitment to focus our resources on key partner companies.'' ICG acquired a majority stake in RightWorks in June 2000, and in total has deployed $36 million in cash and 5.89 million shares of ICG common stock. ICG expects to receive approximately 4 million shares of i2 common stock in exchange for its interest in RightWorks. As the ICG stock issued for its original investment in RightWorks was valued at $128 per share, ICG expects a non-cash loss of approximately $490 million upon closing of this transaction. About Internet Capital Group Internet Capital Group (http://www.internetcapital.com) is an Internet 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 70 business-to-business e-commerce companies. Headquartered in Wayne, Pa., Internet Capital Group has offices in San Francisco, Boston, London, Tokyo and Hong Kong. About RightWorks Corp. RightWorks Corp. is a leading provider of second-generation e-business applications. Founded in 1996, RightWorks is a privately held company backed by leading venture capital firms. Headquartered in San Jose, Calif., RightWorks' more than 350 employees are focused on delivering customer value from locations in 10 countries in North America, Asia, and throughout Europe. With a customer base growing by more than 300% in the last six months, RightWorks' customers include corporations such as CSC, Fujitsu, Wells Fargo Bank and others. RightWorks also powers leading e-marketplaces including VerticalNet, Network Commerce, eMerge Interactive, FacilityPro and others.