Network Solutions Announces Investment in Critical Path
techstocks.com
Tuesday January 12, 7:30 am Eastern Time
Company Press Release
Network Solutions Announces Investment in Critical Path
Investment furthers relationship with Network Solutions' back office for dot com mail(TM)
HERNDON, Va.--(BUSINESS WIRE)--Jan. 12, 1999-- Network Solutions, Inc. (Nasdaq: NSOL - news), the pioneer of domain name registration services, today announced an investment of $2 million in Critical Path, Inc., the leading provider of outsourced e-mail service solutions. The investment is part of a $31 million equity funding to assist Critical Path in its worldwide expansion plan.
Network Solutions joins other major investors in the funding round including:
- E*TRADE (Nasdaq: EGRP - news)
- U S WEST, Inc. (NYSE: USW - news)
- CMG @Ventures (Nasdaq: CMGI - news)
- Benchmark Capital
- Mohr, Davidow Ventures
- Hambrecht & Quist
''We're cementing our relationship with Critical Path which has been so instrumental in helping us deliver dot com mail™, our personalized e-mail service,'' said Mike Daniels, chairman and acting chief executive officer, Network Solutions. ''We're very impressed with Critical Path's operations and pleased to make this funding commitment for our mutual benefit.''
''We're thrilled that Network Solutions has given Critical Path such a strong vote of confidence,'' said Doug Hickey, president and chief executive officer of Critical Path. ''This investment will enable us to continue building the world class service that dot com mail customers have come to expect from Network Solutions.''
Critical Path provides the back office infrastructure for Network Solutions' innovative business e-mail solution, dot com mail, a portable, personalized e-mail service to help small businesses maximize their brand names on the Internet.
About Critical Path, Inc.
Critical Path, Inc. is a privately held corporation founded in 1997. With a mission to ''handle the world's e-mail,'' the company has built what it describes as an industry-leading global infrastructure with data centers connected to key Internet exchange points, and according to Critical Path, is currently under contract to host over four million mailboxes for telecommunications companies, ISPs, Web hosting companies, Web portals and corporations. Critical Path is headquartered in San Francisco, California. For more information, please call Critical Path at 1/415/808-8800, or visit the Critical Path Web site at www.cp.net.
About Network Solutions, Inc.
Network Solutions, Inc., (Nasdaq: NSOL - news) is the worldwide leader in Internet Web address registration services with more than 3 million net registrations. Web addresses provide a unique Internet identity for communications, marketing and e-commerce. Network Solutions currently acts as the exclusive registrar for all Web addresses within the .com, .net and .org top-level domains (TLDs) and facilitates registration of Web addresses in more than 200 country-code TLDs. Marketed as the dot com people™, Network Solutions offers a package of registration services to the growing numbers of small businesses coming online who want to establish a unique identity and build their brand online including: RegistrationPlus™, a real-time, online registration or reservation service; and dot com mail™, a portable, personal Web or POP-based e-mail service to help small businesses maximize their brand names on the Internet. Network Solutions also provides enterprise network services that focus on assisting large commercial organizations in the evolution and management of their enterprise networks. For more information, see the www.networksolutions.com Web site.
Statements in this announcement other than historical data and information constitute forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, uncertainty of Internet governance and regulation, increased competition in the domain name registration business and customer acceptance of new products and services offered by the company in addition to or as enhancements of its registration services. More information about potential factors that could affect the company's business and financial results is included in the company's filings with the Securities and Exchange Commission, especially in the company's Annual Report on Form 10-K for the year ended December 31, 1997 and Quarterly Reports on Form 10-Q for the periods ended March 31, 1998, June 30, 1998 and September 30, 1998.
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