@Ventures Invests in Boston Financial Network; Financial Services Provider Enables Small Businesses to Manage Company Resources with a Single Internet Account
February 19, 1999
ANDOVER, Mass.--(BUSINESS WIRE) -- @Ventures III, the affiliated venture capital arm of CMGI, Inc. (NASDAQ:CMGI), today announced a minority investment in Boston Financial Network, Inc., an online provider of anytime, anywhere financial services for small businesses.
Launched in 1998, Boston Financial Network (www.bfni.com) is designed to meet the demanding business management needs of small business owners. It is the first financial services provider in the nation that enables businesses to collect money-market rates of return on their balances, pay bills, manage cash flow and run payrolls via a single Internet account.
With an Internet connection and regular browser software, a Boston Financial Network Account allows small business owners and managers to do all their financial business securely online. From a single Web site, account holders can select from Scudder Kemper and Federated money market funds to house their cash, make electronic bill payments through Checkfree Corp., do payroll through Computing Resources, and build 401(k) retirement plans from a menu of more than 30 well-known, no-load mutual funds.
"Boston Financial Network has successfully leveraged the strengths of the Internet in response to small business owners, and is yet another powerful example of how the Web is leveling the playing field for small companies," said David Wetherell, Chairman and CEO of CMGI. "There's tremendous value for business owners and managers in being able to access their account any hour of the day, from anywhere in the world, for complete control of their financial resources."
"@Ventures' investment in Boston Financial Network validates our business model to provide the best and lowest cost financial services for small businesses," said Barry L. Star, chairman and founder of Boston Financial Network. "We're thrilled to have the support and confidence of @Ventures. They have a remarkable record of investing in successful Internet companies and helping them achieve rapid growth."
About Boston Financial Network
Boston Financial Network, Inc. is an Internet-based financial institution that aims to provide small business owners with a full range of online services, including payroll, electronic bill payment, check writing and debit cards with money-market rates, business credit cards, merchant credit-card processing, lending, retirement plans and insurance. Boston Financial Network's wholly owned subsidiary, BFNI Securities, Inc., is a registered broker/dealer, a member of the National Association of Securities Dealers, Inc., and a member of SIPC. Headquartered in Woburn, MA., Boston Financial Network can be found on the Web at: www.bfni.com.
About CMGI
CMGI (NASDAQ:CMGI) combines operating companies with strategic venture investments to create a diverse set of businesses delivering Internet solutions. Microsoft, Intel and Sumitomo hold minority positions in CMGI. The CMGI Internet Group consists of its majority-owned subsidiary companies ADSmart, Engage Technologies, NaviSite, NaviNet, Planet Direct, Magnitude Network and ZineZone.
The company's @Ventures affiliates have ownership interests in Lycos, Inc. (NASDAQ:LCOS), blaxxun, GeoCities (NASDAQ:GCTY), Vicinity, ThingWorld.com, KOZ, Silknet, Chemdex, Speech Machines, Softway Systems, TicketsLive, Critical Path, MotherNature.com, Raging Bull, Universal Learning Technology, Visto, Virtual Ink, Ancestry.com, ONElist, Furniture.com and Asimba. CMGI also includes CMG Direct, SalesLink, InSolutions and On-Demand Solutions as majority owned subsidiaries in the direct marketing, fulfillment and turn-key arenas.
Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site, cmgi.com.
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