Wayne, Pa. - April 15, 2008 - Internet Capital Group, Inc. (Nasdaq:ICGE - News) announces that it has increased its ownership in core partner company, StarCite, Inc., through acquisitions of shares from existing StarCite investors and participation in a $15 million round of financing. Following the initial closing of the financing, ICG has deployed approximately $12 million of capital and increased its primary ownership in StarCite from approximately 26% to approximately 33%.
A leading provider of on-demand meeting and event management solutions for corporations and suppliers, StarCite significantly increased its Fortune 500 client base and experienced strong growth in 2007. This progress, coupled with StarCite’s ongoing global expansion, enabled the company to close a new round of financing and is the reason ICG continues to capitalize on opportunities to own more of this company.
“StarCite’s impressive platform has made a dramatic impact on the market for meetings and events,” said Doug Alexander, Managing Director at ICG and StarCite board member. “The company’s strong growth, its diverse and highly predictable revenue model and the significant growth opportunities that lie ahead for StarCite, both in the U.S. and abroad, make acquiring a larger stake in this company a great use of our capital at this time.” |
