Wayne, Pa. - January 08, 2007 - Internet Capital Group, Inc. (Nasdaq: ICGE) today announced that the merger of its partner company, StarCite, Inc., and OnVantage, Inc. was consummated on December 29, 2006. This transaction was structured as a consolidation of equals, resulting in the formation of the largest on-demand meetings management company in the global marketplace for meetings and events. ICG owns approximately 26 percent of the combined company.
The combined company processed, on a pro forma basis, over 2.5 million attendee registrations on behalf of companies in fiscal year 2006, an annual increase of 50% over 2005. Pro forma revenues for the combined company are growing at an annual rate of over 40%, excluding any necessary adjustments for purchase accounting.
The resulting company, operating under the StarCite name, is based in Philadelphia. Under the direction of its CEO, Mike Boult, the combined company offers a global solution that drives savings and control for clients by automating the complex workflow process inherent in meetings management. |
