The Boston Consulting Group, General Atlantic Partners And Goldman Sachs Create iFormation Group To Develop e-commerce Businesses With Global 2000 Companies
New York (ots)
--New Company To Build and Accelerate New E-Commerce Enabled Businesses In Partnership With Established Global Market Leaders--
The Boston Consulting Group, Inc. (BCG), General Atlantic Partners, LLC, and The Goldman Sachs Group today announced the creation of iFormation Group and their combined commitment to invest an initial $300 million in the company.
iFormation Group will partner with the largest and most influential companies in the world - the Global 2000 - to form, acquire, develop and accelerate new online businesses by building upon the strength of those companies' existing offline assets. iFormation Group's ability to develop and integrate the online and offline assets of Global 2000 companies will help them create value and advance their core business strategies. iFormation Group also will partner with select start-up companies, as well as create new companies, whose focus is on collaborating with the Global 2000 on e-commerce initiatives.
In addition to providing funding necessary to create new e-commerce-related businesses, iFormation Group will provide a complete range of strategy, business development, financial, and operational services in order to launch and build them rapidly into long-term global leaders in their fields. For example, the company will help define new business models, provide incubation services, assist in designing and building technology infrastructure, and recruit senior management talent for its network companies.
iFormation Group will be headquartered in New York and have offices in London and Hong Kong. Additional offices in Europe, Asia and North America will follow. The company also will build and operate acceleration facilities in both New York and London, giving it the flexibility to build businesses at its own facilities as well as at the locations of its Global 2000 partners. David K. Pecaut, senior vice president of BCG and former co-head of its e-commerce practice, will leave BCG to become president of iFormation Group. He will become president of iFormation Group effective immediately. iFormation Group's board of directors will consist of Mr. Pecaut, René Y. Abate and William H.L. Burnside, senior vice presidents of BCG, Steven A. Denning and Clifton S. Robbins, partners of General Atlantic, and Joseph H. Gleberman and Gene T. Sykes, managing directors of Goldman Sachs. Mr. Robbins will be the chairman of iFormation Group.
iFormation Group's competitive advantages will be based on six critical factors:
Focus on online/offline partnerships: iFormation Group will focus on opportunities to create new online businesses by building upon the strength of companies' existing offline capabilities.
Global 2000 focus and expertise: iFormation Group will be one of the few companies focusing on opportunities that exist within the largest companies in the world and on newer ventures seeking to partner with the Global 2000. Its founding partners have unsurpassed experience and expertise in working with such companies.
Extensive network of relationships: iFormation Group's founding partners have strong, long-term relationships with major corporations and industry leaders around the world. It is therefore well positioned to facilitate the partnerships necessary to leverage offline businesses into new online companies.
Thorough understanding of strategic and operational challenges: Through their extensive experience in building offline/online partnerships, the partners in iFormation Group have a deep understanding of the challenges of this type of opportunity, especially how to create businesses that allow established companies to realize the value of their existing asset bases.
Internet/IT experience: General Atlantic, as one of the largest and most successful Internet/IT investors, BCG, as a recognized leader in e-commerce transformations, and Goldman Sachs, as a pre-eminent advisor to and investor in technology companies globally, bring unparalleled Internet and IT expertise to iFormation Group.
Immediate global reach: The worldwide networks of the founding partners provide iFormation Group with immediate global reach to pursue opportunities and replicate successful businesses around the world.
"The first chapter in the history of building Internet businesses was led by pure-play start-ups," said Mr. Pecaut, iFormation Group's president. "The next chapter will be defined by large Global 2000 corporations with substantial offline businesses and leading market positions globally that can serve as a valuable springboard into e-business. While many of these companies are already making significant investments in online businesses, they frequently lack the resources necessary to exploit fully the value of their offline assets. iFormation Group will be able to provide those capabilities by partnering with Global 2000 companies to form new e-businesses"
Mr. Robbins, a partner of General Atlantic and chairman of iFormation Group, said, "Large, global companies have a tremendous opportunity -- and challenge -- to be long-term winners in the new Internet-driven economy. iFormation Group's management and network of resources will generate value for Global 2000 companies by emphasizing speed to market, core business development and best-of-breed technology resources. Powered by the global reach and complementary resources and expertise of BCG, General Atlantic and Goldman Sachs, iFormation Group's mission is to be the preferred partner of Global 2000 companies seeking to leverage their offline capabilities into online businesses, and to be the preferred partner of newly-formed companies seeking to serve Global 2000 companies in a similar way."
"iFormation Group provides Goldman Sachs with another product to offer our clients, and leverages the deep technology resources within the Firm," commented Henry M. Paulson, Jr., chairman and chief executive officer of The Goldman Sachs Group, Inc. "Many of our clients look to us to develop their e-commerce and e-enabled strategies, and iFormation Group combines the complementary skill sets of three market leaders to meet this need more effectively than any one of us could on our own. We have tremendous respect for both BCG and General Atlantic and are delighted to partner with them on this venture."
"We believe that iFormation Group represents by far the most significant initiative aimed at equipping the Global 2000 for the new economy," said Carl Stern, chief executive officer of The Boston Consulting Group. "Working together with iFormation Group, we can better respond to those clients who require a comprehensive process of new-business creation combining strategic advice, business building and launch support with capital funding."
iFormation Group has assembled a management team that will include, in addition to Mr. Pecaut, some senior members of BCG's e-commerce practice; it is also recruiting other professionals with expertise in a variety of areas, such as business operations, investing, recruiting and technology. In addition, iFormation Group will draw on the resources and expertise of its founding partners. BCG will provide access to its e-commerce professionals and launch teams to support iFormation Group's effort and that of its network companies. Consistent with its value-added partnership approach to investing, General Atlantic will provide significant support to advise iFormation Group and its partner companies in the areas of private equity investing, information technology, and the Internet. Goldman Sachs, through its extensive global presence, will assist iFormation Group with a range of strategic and financial matters.
About The Boston Consulting Group The Boston Consulting Group (BCG) is a global leader in business strategy consulting. With forty-seven offices worldwide, BCG advises corporations in every global market and industry. Its professionals have deep managerial and business expertise across a wide spectrum of industries and functional areas. In recent years, BCG has also established a lead position among consulting companies in the field of e-commerce. In a recent study by Forrester Research, BCG received the highest overall score among major e-business consulting firms for its ability to help meet clients' e-commerce needs. The firm's e-commerce practice is playing a lead role in some of the most aggressive efforts by established companies to build Internet businesses and is intimately familiar with the distinctive strategic and operational challenges of integrating offline assets with online markets. For more information about BCG, visit its website at www.bcg.com.
About General Atlantic Partners General Atlantic Partners focuses exclusively on investing in global information-technology, Internet and Internet-enabled businesses at all stages of development. The firm has approximately $10 billion in capital under management and $4 billion of capital available for investment. General Atlantic has invested in over 80 companies, including E*Trade Group, Priceline.com, Proxicom, Belle Systems and Exult. The firm is unique in its global perspective on information technology, its worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance aimed at creating maximum value for its portfolio companies. The firm has offices in Greenwich, New York, Reston, London, Singapore, Tokyo, Hong Kong and São Paulo. For more information about General Atlantic, visit its website at www.gapartners.com.
About Goldman Sachs The Goldman Sachs Group is the world's premiere global investment, banking, and securities firm. Goldman provides a full range of investing, advisory, and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high-net-worth individuals. Headquartered in New York, Goldman has forty-one offices in twenty-three countries around the world. For more information about Goldman Sachs, visit its website at www.gs.com.
Contacts:
(1)Adam Weiner/Caroline Gentile (2)Dieter Heuskel, Senior Vice President iFormation Group Boston Consulting Group c/o Kekst und Co. 001-212-521-4800 0049-2 11-30 11-31 41 adam-weiner@kekst.com heuskel.dieter@bcg.com caroline-gentile@kekst.com www.iformationgroup.com www.bcg.de
Original-Content von: Boston Consulting Group, übermittelt durch news aktuell