NextPage Receives Funding Led by Oak Investment Partners; Other Investors Include CIBC Capital Partners, Dominion Ventures, Intel Capital, Tidal Ventures and Visa
LEHI, Utah--(BUSINESS WIRE)--Oct. 8, 2001-- NextPage Signs Global Strategic Alliance with Visa International.
NextPage Inc., a leader in Peer-to-Peer Business Networking, announced today that Oak Investment Partners, CIBC Capital Partners, Dominion Ventures, Intel Capital, Tidal Ventures and Visa International have invested $13 million in NextPage in a recent funding round led by Oak.
In addition, NextPage has signed a four-year, global strategic alliance with Visa to formally explore opportunities to implement NextPage(R) technology.
"This investment is another significant milestone for NextPage," said Bill Wesemann, chief executive officer of NextPage. "These resources will help us accelerate the adoption of our enterprise peer-to-peer technology and develop our next generation peer-to-peer platform."
This new investment provides NextPage with the opportunity to pursue co-development and co-marketing activities with these investors.
"NextPage's unique peer-to-peer technology dramatically improves the way companies interact internally and with their customers," said Ann Lamont, general partner at Oak Investment Partners. "In fact, NextPage is the first solution we've seen that enables companies to share and exchange critical information across separate divisions within an organization and across company boundaries."
As part of its investment, Intel has agreed to participate in marketing programs and events that help advance peer-to-peer technology and NextPage's platform.
"Peer-to-peer technology is growing in importance to the enterprise," said Bob Knighten, Intel's peer-to-peer evangelist. "NextPage technology promises to bridge the information gaps across company and departmental boundaries, helping to change the way enterprises utilize information assets."
NextPage technology helps change the way companies work by enabling teams of people within enterprises and among enterprises to come together virtually and interact with critical information, regardless of where the information or people physically reside. Enterprises use NextPage to connect employees, partners and customers in a Peer-to-Peer Business Network. In this network, teams can work more effectively by capitalizing on the knowledge assets, expertise and best practices that exist in other departments or organizations.
As part of its strategic alliance with NextPage, Visa has assigned an executive representative to work with NextPage to implement NextPage technology at Visa. Visa also plans to participate in co-marketing programs and events with NextPage.
"NextPage technology is all about giving employees and organizations better access to information," said Sarah Perry, senior vice president, Global Strategic Alliances & Investments at Visa International. "It is about building systems to keep us better connected, to improve the way we manage data and raise our levels of efficiency. Such systems are a building block of u-commerce or universal commerce, Visa's vision of the future of payments."
With this round, NextPage has received a total of $49 million in funding.
NextPage Peer-to-Peer Business Networking simplifies cross-enterprise business by connecting information and people across organizational boundaries. With NextPage technology, employees, partners and customers can access distributed content, leverage business processes and collaborate with peers. Distributed enterprises rely on NextPage to harness their knowledge assets, apply best practices and capitalize on expertise. Companies such as Baker & McKenzie, Travelers Property Casualty, Citibank, KPMG, Ernst & Young and HCA - The Healthcare Company rely on NextPage to power their extended enterprises. Visit www.nextpage.com, or call 800-NEXTPAGE or 801-768-7500.
About Oak Investment Partners
Oak is a classic venture capital firm that funds high-growth entrepreneurial ventures and assists in guiding them to industry leadership. Over the last 20 years, Oak has actively participated in the repeated waves of innovation that have swept through our economy. Oak companies have been notable contributors to innovation in the IC, PC, Networking, Specialty Retail, Biomedical, Wireless, Enterprise Software and Internet industries.
About CIBC Capital Partners
CIBC Capital Partners is a leading North American merchant bank and part of CIBC World Markets Inc., the investment banking and securities business of the Canadian Imperial Bank of Commerce. CIBC Capital Partners is invested in over 550 companies and in approximately 125 private equity funds around the world, with total commitments in excess of US$7.5 billion. 6 CIBC Capital Partners' merchant banking activities include private equity investments in venture capital, leveraged buyouts, and other special situations. Merchant banking professionals are located in New York, Menlo Park, and Toronto.
About Dominion Ventures
Dominion Ventures provides capital and strategic guidance to emerging growth companies with the potential to achieve excellent performance and leadership in the marketplace, and create significant shareholder value. Dominion's investment focus is high-growth information technology and Internet services enterprises. Founded in 1985, Dominion has an excellent investment track record and is sponsored by highly regarded institutions, pension funds and endowments.
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel's strategic interests. For more information, visit www.intel.com/capital.
About Tidal Ventures
Tidal Ventures co-invests in and collaborates with rapidly growing communications and Internet infrastructure companies in the U.S. and Europe, employing many years of senior-level strategy and operations experience and multiple networks.
About Visa International
Visa is the world's leading payments brand and the largest payments system worldwide. Visa-branded cards generate almost US$2 trillion in annual volume and are accepted at over 22 million locations around the world. The Visa organization plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet-based payments and is pioneering the creation of u-commerce, or universal commerce -- the ability to conduct commerce anytime, anywhere, over any type of device.
NextPage is a registered trademark, and NXT and NextPage Matrix are trademarks of NextPage Inc. All other names are used for identification purposes only and may be trademarks of their respective owners.
CONTACT: NextPage Inc. , 801/768-7657 or Coltrin & Associates Inc. , 212/221-1616.