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USA.NET Raises $60 Million in Financing Round Led by Chase Capital Partners
USA.NET Also Announces Appointment of David Ramon as President and Chief Executive Officer and Ken Pigott as Chairman of the Executive Committee
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--March 21, 2000-- USA.NET, the world's largest email outsourcer, today announced it has secured $60 million in financing from Chase Capital Partners, the private equity affiliate of The Chase Manhattan Corporation, and other major investors. USA.NET will use the capital to support its rapid customer growth and accelerate its business strategy to advance its global leadership in email and advanced messaging services.
USA.NET also announced the appointment of David Ramon as president, chief executive officer and a member of the company's board of directors and Ken Pigott as chairman of the executive committee. Ramon brings to USA.NET more than 18 years of broad management and operations experience with both established and emerging companies. Pigott is a private investor and business strategist with extensive experience in the Application Service Provider industry. John Street, former president and CEO, will maintain his role as chairman of the board of directors.
Sixty Million in Financing
Chase Capital Partners, a leading private equity investor in the Internet and IT-related industry, led this round of funding. The round also includes investments from GE Equity, the private equity investing unit of GE; ABS Ventures, the venture capital investing arm of Deutsche Banc Alex. Brown; and Hewlett-Packard Company, a leading global provider of computing and imaging solutions and services for business and home.
The funding is a key milestone for USA.NET and a strong indicator of investor satisfaction with the company's service offerings, market strategy and business vision. The proceeds will fund USA.NET's growth in all areas, including sales, marketing and ongoing service development.
"This financing is significant because it is testament to our business strategy and USA.NET's leadership position within the email outsourcing industry," said John Street, chairman of USA.NET. "Chase Capital Partners has contributed to the success of several high profile Internet companies, and their strategic support, along with that of the other new investors, will help us to further capitalize on the enormous global messaging opportunity."
"CCP's investment in USA.NET is a significant endorsement of the company and its value proposition which enables companies to focus on their core business initiatives, and not their email systems," said Steve Murray, general partner of Chase Capital Partners. "Our investment will enable USA.NET to provide even more industry-leading messaging services to businesses worldwide."
Ramon most recently served as president of The Coleman Outdoor Recreation Group, the leading manufacturer and marketer of brand name consumer products for the outdoor recreation industry. Previously, he was president and chief operating officer of New World Television Incorporated, which was sold to News Corporation in 1996. Prior to joining New World, he was executive vice president and chief financial officer of Gillett Holdings. Pigott has a long history with Chase Capital Partners' portfolio of companies and with technology-based emerging growth companies.
"We are thrilled that David and Ken have joined USA.NET," Street said. "Their previous successes running fast-growth companies in traditional and emerging industries, along with their extensive experience in increasing shareholder value make them strong additions to USA.NET's executive team."
In conjunction with the financing, new board members announced today include: Charles Goldman, principal, Chase Capital Partners; Stephen Murray, general partner, Chase Capital Partners; and Bruns Grayson, managing partner, ABS Ventures.
About Chase Capital Partners
Chase Capital Partners (CCP) is a global private equity partnership with over $15 billion under management. CCP has been a leading provider of private equity capital since its inception in 1984 and is a diversified investor in most major industries. To date, CCP has closed more than 950 individual transactions in North America, Europe, Asia and Latin America including over 100 investments in technology and communications companies. Recent investments include Digital Island, Stamps.com, Telecorp PCS, Narus, Triton PCS, eYada.com, Norigen, Viatel and Starmedia. CCP's primary limited partner is The Chase Manhattan Corporation, one of the largest bank holding companies in the United States.
USA.NET®, the world's largest email outsourcer, delivers
industry-leading email services to more than 3,000
businesses -- including American Express, United Airlines,
Hewlett-Packard and Mail Boxes Etc. -- and for more than 15 million
mailboxes worldwide. Designed to meet the needs of all audiences,
USA.NET's superior email outsourcing solutions eliminate the hassle
and expense of installing, upgrading and supporting an in-house email
system. The first company to launch Web-based email in 1996, USA.NET
also became the first to introduce email outsourcing for businesses in
1997. USA.NET received the industry's first patent for its Web-based
email filtering and forwarding technology in 1999. For more
information on USA.NET, visit www.usa.net.
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