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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (86869)	6/27/2002 10:21:39 AM
From: Wolff	Respond to of 99280

USAI President and CEO is leaving. Probably affecting EXPE based upon the 2.6969 exchange ratio. Thursday June 27, 9:02 am Eastern Time Press Release SOURCE: General Catalyst Partners Jon Miller to Lead New General Catalyst Portfolio Company USA Interactive Information and Services President and CEO to Head New Venture-Backed Company BOSTON, June 27 /PRNewswire/ -- General Catalyst Partners, a Boston-based private equity firm, today announced that Jon Miller will become CEO of a new General Catalyst portfolio company. In connection with this, Miller will leave his current position as President and CEO of USA Interactive's (Nasdaq: USAI - News) Information and Services Group, while continuing to be employed by USA Interactive through the end of the year. Miller, a media and commerce leader, brings to the new venture more than 20 years of relevant experience, including posts at USA Interactive, Viacom, the NBA and PBS in Boston. The new company will focus on multi-channel, interactive commerce. Taking advantage of positive consumer behavior and spending trends, the company will create a new transaction platform targeted at several verticals, including sports, entertainment, travel and others. General Catalyst's investment has the potential to become the single largest commitment of its current fund. "Jon Miller was one of the first executives we brought into the predecessor companies of USA Interactive, so in the many years I've worked with him, I've known that not only is he one of the brightest thinkers, but that he has had a growing interest in more entrepreneurial pursuits," said Barry Diller, Chairman and Chief Executive Officer, USA Interactive. "I know he will succeed and completely wish him the best." "Barry is a true visionary. I feel fortunate to have been a member of his senior team, and look forward to continuing to work with him and other USA management. USA Interactive will continue to lead the convergence of media and commerce," said Jon Miller. "General Catalyst believes, as I do, that interactive commerce holds more opportunity now than ever before. As the market dictates that a multi-channel model is necessary for success in this area, I look forward to teaming with General Catalyst to pursue my entrepreneurial ambitions and build a company that will alter the economics within several consumer verticals." General Catalyst has made a series of successful investments in companies creating new transaction platforms that demonstrate a huge potential to transform how business is conducted in their sector. These include National Leisure Group (NLG), SmartBargains and Upromise. General Catalyst's investment in Miller's new company is an extension of this strategy, and one the firm believes has enormous potential. "With Jon at the helm, we anticipate a highly profitable, solid business will quickly emerge," said David Fialkow, managing director, General Catalyst Partners. "This is an incredible opportunity to change the way multiple businesses, products and services are delivered. We could not have found a better leader for this new business." "We believe the combination of General Catalyst's experience in creating industry-transforming companies and Jon Miller's managerial and entrepreneurial talents represents a unique business opportunity," said Robin Neustein, Chairman of the Private Equity Group of Goldman Sachs Asset Management. In addition to his role at the new General Catalyst-backed company, Miller will remain employed by USA Interactive and continue to work on a number of projects until the end of the year. About General Catalyst Partners Founded in 2000 and headquartered in Boston, Mass., General Catalyst Partners is the private equity partner for entrepreneurs, early-stage companies and transformational companies building innovative software and technology platforms for the next generation of technology leadership. General Catalyst's managing directors Joel Cutler, David Fialkow, David Orfao and John Simon are accomplished entrepreneurs with operational expertise and a "hands- on" approach to building successful companies. General Catalyst is committed to helping its portfolio companies identify and develop business acceleration and transformation opportunities. Current portfolio companies include: Avaki Corporation (www.avaki.com); IMlogic (www.imlogic.com); Imprivata (www.imprivata.com); Laszlo Systems (www.laszlosystems.com); Narad Networks (www.naradnetworks.com); National Leisure Group (www.nlg.com); OutStart (www.outstart.com); ProfitLogic (www.profitlogic.com); Proteus Mobile (www.proteusmobile.com); Recruitsoft (www.recruitsoft.com); Revenio (www.revenio.com); SmartBargains (www.smartbargains.com); and Upromise (www.upromise.com). For more information, please visit generalcatalyst.com. CONTACTS: Molly Blaauw Karen Spina General Catalyst FitzGerald Communications (617) 585-4964 (617) 692-3271 MBlaauw@generalcatalyst.com KSpina@fitzgerald.com SOURCE: General Catalyst Partners