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Opus360 Corporation raises $40 million from Safeguard Scientifics, Cambridge Technology Ventures, Crosspoint ventures, wheatley L.P., CompuCom, Gartner Group, MSD Capital and others Safeguard Scientifics leads consortium of leading technology and services companies in acquiring an interest in a revolutionary e-business workplace company. NEW YORK (September 28, 1999) - Opus360 Corporation announced today that a consortium of companies led by Safeguard Scientifics, Inc. (NYSE:SFE) has acquired a $40 million interest in the Company.The investor group's interest in partnering with the Company centers on Opus360 Corporation's ebusiness solutions for today's changing services business, particularly in the explosion of outsourcing, newsourcing and the virtual labor force. In addition, MSD Capital's (the private investment firm for Michael Dell) focus on direct acquisition of goods and services and improving supply chain efficiency drove its backing of Opus360 Corporation and the FreeAgent.comsm brand, Opus360's leading Internet service for the growing population of independent professionals. Opus360 Corporation has developed an Internet-centric solution for putting people and projects together, and for managing a corporation's most important asset, "Human Capital."Through Opus360's Internet based suite of solutions, a corporation can manage the allocation of their entire workforce, including permanent employees, temporary employees through temporary staffing partners and independent professionals through FreeAgent.com. "Opus360 has taken a leadership role in developing an Internet hub solution that manages knowledge workers more efficiently and provides the platform for managing the project-based, virtual workforce of the future," said Harry Wallaesa, President and COO of Safeguard Scientifics, "Their solutions for setting standards for an Internet-based resource allocation management and integrated supply chain solution for direct acquisition of labor are assets that can be leveraged across the Safeguard family, especially within our professional services partner companies.It's a great fit with our enterprise applications and e-commerce strategies!" "We believe Opus360 will revolutionize the human resource supply chain and procurement process, much like Ariba is doing with corporate procurement of office supplies," said Bob Hoff, general partner at Crosspoint VenturesCrosspoint Ventures also funded Ariba, Inc. (NASDAQ:ARBA) a technology company that manages corporate supply chains and is a strategic partner of Opus360. In addition to Safeguard Scientifics and MSD Capital, the consortium of financial and strategic investors that hold equity positions in Opus360 include: Cambridge Technology Ventures (Cambridge Technology Partner's (NASDAQ: CATP) private investment arm), CompuCom (NASDAQ: CMPC), Crosspoint Ventures, CDI Corporation (NYSE: CDI), SI Venture Associates (Gartner Group's (NYSE: IT) investment arm), The Roman Arch Funds (Prudential Securities' private investment arms) BancBoston Ventures, USWeb/CKS (NASDAQ: USWB), Sapient (NASDAQ: SAPE), Wheatley Partners, Arista Capital Partners (Wit Capital's venture arm), Greenhill & Co., Bain Capital Partner's Fund, Reckson Service Industries, Inc.(NASDAQ: RSII), Pennsylvania Early Stage Partners, Odeon Capital, and RH Capital Partners and.. Ari Horowitz, CEO of Opus360 Corporation said, "Our partnership with these companies is extremely important to us.Their strategic equity interest in our Company is an important component for us in maintaining our leadership position in forming the platform for managing the supply chain of knowledge workers." About Opus360 Corporation (www.opus360.com) Opus360 Corporation provides the leading Internet-centric solution for putting people and projects together, and for managing a corporation's most important asset, "Human Capital."Opus360 provides a suite of services across the spectrum of a project-based workforce.These web-based services enable organizations to manage their internal resources, their vendors' resources, as well as the largest virtual workforce and most diverse group of independent consultants and freelancers through freeagent.com. The Company's solutions also enable service organizations and free agent businesses to increase profitability and revenues, increase utilization rates and retention of employees, streamline project schedules, predict resource shortages and surpluses, identify bottle necks in delivery and increase customer and employee satisfaction.Opus360 Corporation is a private company backed by a consortium of investors including Safeguard Scientifics (NYSE:SFE), Crosspoint Ventures, Wheatley L.P., Cambridge Technology Ventures, Gartner Group, and MSD Capital. Opus360 is based in New York and can be reached on the Internet at www.Opus360.com. FreeAgent.comSM is a wholly owned subsidiary of Opus360 Corporation. FreeAgent.com can be reached at www.FreeAgent.com. About Safeguard (www.safeguard.com) Safeguard is an Internet-centric holding company that identifies, acquires, operates and manages business-to-business companies and has interests in several private equity funds.Safeguard currently focuses on companies engaged in e-commerce, network infrastructure activities, and enterprise applications.Safeguard generally acquires ownership interests in companies that allow it to have a significant influence over their direction and management over the long-term.Safeguard assigns a dedicated team to each partner company and actively assists its partner companies in their management, operations and finances.Safeguard seeks to maximize shareholder value by actively providing operational assistance and expertise to help its partner companies grow and develop and by giving its shareholders the opportunity to participate in the initial public offerings of its partner companies while retaining a significant ownership interest after the initial public offering.Safeguard also participates in, and in some cases is involved in the management of, several private equity funds.Its network of partner companies and private equity funds creates an environment through which companies can leverage one another's information technology, operational experience, business contacts and industry expertise. CONTACT: Stuart Fine Rubenstein Public Relations 212-843-8092 Allen Berger Opus360 Corporation 917-322-2561 | ||||||||||||||
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