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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: still learning who wrote (2231)	2/5/1999 8:36:00 PM
From: robert miller	Respond to of 4467

Still Learning, ICG makes another investment. FREE Stock Smart PRO test drive Enter your email address below and click submit - StockSmartPRO Login - PRO Site Map/Help [Industry Rollups] [World Markets] [News] [Mutual Funds] [Most Active] [Home] Friday February 5, 12:56 PM (EST) Breakaway Solutions Secures $8.3M Investment From Internet Capital Group; Ready to Capitalize on Underserved IT Needs of Mid-sized Enterprises BOSTON (Feb. 5) BUSINESS WIRE -Feb. 5, 1999--Breakaway Solutions Inc., formerly the Counsell Group, a leading provider of E-commerce consulting and systems integration services for mid-sized enterprises, today announced that the company has secured an $8.3M equity investment from Internet Capital Group. The primary purpose of the investment is to fund rapid expansion for the company's services in customer-oriented systems, electronic business-to-business systems and electronic commerce. According to Gordon Brooks, Breakaway's president and CEO, "The mid-size enterprise is being underserved by traditional IT solutions providers. And yet, analysts say that by the year 2001, more than 50% of IT services spending for E-commerce will be by mid-size enterprises. Our strategy is to succeed by focusing on the needs of the market for competitive solutions at affordable prices -- in areas that deliver critical competitive advantages." "We're extremely pleased to have Internet Capital Group as our partner," Brooks continues. "They clearly understand the opportunity we have and the increasing role that services like ours will play in the new economy." To fulfil its rapid growth plan, Breakaway is implementing an aggressive recruitment strategy for technical, marketing and management staff at the company's Boston, Chicago and San Mateo offices. "Breakaway has the best market potential for systems integration we've seen," says Walter Buckley, president and CEO of Internet Capital Group. "Breakaway has the business model and approach to effectively deliver where others are failing -- especially for the critical customer-facing technologies such as sales force automation, customer service and electronic commerce." Based in Wayne, PA, Internet Capital Group partners with Internet software and service companies that enable electronic commerce or make the enterprise more efficient. The firm's pioneering investment model stresses integration and cross-fertilization among its various Internet software, content and service organizations. Internet Capital Group's capital was raised from strategic investors who give its portfolio companies a distinct competitive advantage. Among Internet Capital Group's largest investors are Safeguard Scientifics, Inc., Comcast Corporation, GE Capital and Compaq Computer Corporation. About Breakaway Solutions Breakaway Solutions Inc. is a leading provider of consulting and systems integration services for mid-sized enterprises, that are typically underserved by traditional IT solutions providers. Formerly The Counsell Group, the privately held firm offers a full range of services including strategy, implementation, training, support and applications hosting. Breakaway specializes in customer facing systems such as customer service, sales force automation, order management, E-business and E-commerce, that enable clients to gain competitive advantages by better serving their customers. In 1998, the company was listed as 73 on Inc. magazine's list of fastest growing companies. It was also named to Deloitte & Touche's New England Fast 50 and the National Fast 500 lists of fastest growing technology companies. Based in Boston, Breakaway has offices in Chicago and San Mateo, California. For more information about Breakaway Solutions, visit the company's World Wide Web site at breakaway.com or call 617/960-3400. -0- dp/bos* CONTACT: PAN Communications Mark Nardone or Bob Keener, 978/474-1900 mnardone@pancomm.com bkeener@pancomm.com KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS INTERACTIVE/MULTIMEDIA/INTERNET Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com bob