Home | Contact Us
 
About ICG
Partner Companies
Investor Information
 

Back to Partner Press Releases


StarCite Completes Merger With OnVantage

Having Received Final Regulatory Approval, StarCite and OnVantage Create the Largest Global
On-Demand Meetings Management Company

Philadelphia, PA -- January 08, 2007 -- StarCite, Inc., the leading provider of On Demand
Global Meeting Solutions™, announced today that it has received final regulatory approval and successfully closed its merger with OnVantage. The merger, originally announced in August, creates the world’s largest on-demand meetings management company and dramatically enhances StarCite’s ability to serve corporations and suppliers in the $300 billion global marketplace for corporate meetings and events.

“This merger represents a major milestone for both StarCite and the broader meeting management industry,” said Michael Boult, President and Chief Executive Officer of StarCite. “The integration of the two companies has already generated significant advantages in technology, scale and global reach. As a result of this merger, the new StarCite is today focused on further enhancing the savings and efficiencies we can provide for companies and the revenue opportunities we deliver to suppliers.”

“As we enter another year of rapid growth and expansion for strategic meetings management adoption, StarCite is committed to bringing an ever-increasing number of meetings buyers and suppliers together in an electronic environment where everyone benefits,” Boult added.

The new company, which is operating under the StarCite name, has already begun to provide substantial cost-savings to its corporate clients and expects to source approximately $5 billion in revenue opportunities to its fast-growing supplier community. Since the merger was announced, a number of new customers have implemented programs with StarCite, including Allergan, American Financial Group, Coors Brewing Co., Honeywell, Network Appliance, and Scotts Miracle-Grow. They join leading global corporations such as AIG, Amgen, Caterpillar, Cisco, Motorola, Nestle, PricewaterhouseCoopers and Shell.

With the merger complete, StarCite expects to:

  • Continue to increase the commerce flowing across its online marketplace.
  • Operate a rapidly increasing network of international offices and operations centers, which today includes a new European operations center in Dusseldorf and several new offices in Asia.
  • Deliver more than $5 billion in revenue opportunities to its enhanced supplier database.
  • Operate a greatly expanded global meetings marketplace that links buyers with 93,000 hotel properties and meetings suppliers in every key market around the world.
  • Process more than 3.5 million attendee registrations per year.

About StarCite
StarCite, Inc. is the leading provider of On Demand Global Meeting Solutions™. StarCite
optimizes global investments in corporate meetings and events, delivering visibility, savings and control. StarCite provides process efficiency, enabling technology and proven adoption
management support to drive significant cost reduction to buyers and enhanced revenues to
suppliers. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (NASDAQ: ICGE), Texas Pacific Group Venture, Norwest Venture Partners (NVP), and TL
Ventures. For more information about StarCite or its technologies and services, please visit
www.starcite.com.


StarCite Media Contact:

John Hartz
Sloane & Company
212-446-1872
jhartz@sloanepr.com


  GO TOP

 

Back to Partner Press Releases


 
Legal | Sitemap | Contact
Copyright© 2005 Internet Capital Group. All rights reserved.