For immediate release
iMEDEON RECEIVES EQUITY INVESTMENT OF $15.5M FROM AETHER, ENRON, GE EQUITY, GE POWER SYSTEMS, AND INSIGHT CAPITAL
For more information contact: Jim Caruso MediaFirst PR - Atlanta jim [at] mediafirst.net or (770) 642-2080
Note: MediaFirst CEO, Jim Caruso, introduced iMedeon to Aether to spark this investment
ALPHARETTA, GA - November 17, 2000 - iMedeon, Inc., the leading provider of Wireless Web Applications for Mobile Workforce Management, today announced the completion of its second round of venture financing totalling $15.5 million. This investment represents participation by three of North America's top firms, including the most admired corporation, the most innovative company, and the leader in wireless data products and services. The financing was co-led by GE Equity, a GE Capital company (NYSE: GE), and an affiliate of Enron North America; and includes funding from wireless data leader Aether Systems (NASDAQ: AETH) and GE Power Systems (NYSE: GE). iMedeon's existing investor, Insight Capital Partners also contributed to this round. GE will retain a position on the iMedeon Board of Directors, which will be served by Warren Ferguson, President of GE Smallworld. GE Smallworld is a part of GE Energy Management Services, a GE Power Systems business. iMedeon will use proceeds for continued expansion of marketing and sales activities, product development, international initiatives, and the management team. In addition, the company will enhance implementation services for new customers and business partners.
According to iMedeon CEO and founder Joe Mediate, "Investment from these prestigious firms indicates the critical importance of extending customer service to the front-line, the mobile field service force. These investors understand mobile workforce management and the value of iMedeon's wireless, web-based software suite. The participation of each investor brings far more to the party than capital."
"iMedeon's wireless, web-based workforce management applications have gained customer notice and analyst acclaim," said Aether Chairman and CEO David S. Oros. "Aether's participation in this round of funding for iMedeon is consistent with our goal to invest in companies building the wireless and mobile computing future."
"We think iMedeon is well positioned to capitalize on energy industry trends," said David Delainey, president and CEO of Enron North America. "iMedeon's products meet the higher productivity demands of deregulation using the latest technologies, such as wireless data."
John Malfettone, Managing Director and Head of GE Equity Business Services, said, "iMedeon's management team has built the leading product in its niche, in a growing industry, and with a solid customer list. Its channel strategy, functionality and technologies, such as Java and eXtensible Mark-up Language (XML), have positioned iMedeon to be a leader in the Mobile Workforce Management market." This follows other investments in the software space that ultimately create value for the companies invested in by leveraging the GE system.
"Over the two years of our investment participation, iMedeon built the management team, focused on the right market, understood its customer, and created the right business model," said Jeff Horing, a co-founder and Managing Director of Insight Capital Partners. "iMedeon is a great company with a market-leading position, and Insight Capital Partners is excited to have our first round investment so well recognized and validated by the investors in this second round."
About iMedeon, Inc.
iMedeon, Inc. is the leading provider of Web-based, Wireless Applications for Mobile Workforce Management, empowering organizations with solutions for increased productivity, constant communication, and higher customer satisfaction. iM:Work, iMedeon's software suite, dramatically improves cross-organizational performance through field service optimization. Field service performance is a crucial competitive factor for telecommunications, utility, healthcare, and technology industries. iM:Work won a 2000 JAVA Technology Achievement Award for Enterprise Applications. iMedeon's wireless solutions support any mobile network or appliance, such as Web phones, PDA's, and Windows devices. iMedeon clients include Nextel Communications, Verizon Wireless, Powertel, Novamed, JEA, and Detroit Water & Sewer. For more information, call 770-777-8100 or visit the company's web site at iMedeon [dot] com.
About Aether Systems
Aether Systems, Inc. is a leading provider of wireless and mobile data products and services allowing real-time communications and transactions across a full range of devices and networks. Using its engineering expertise, the ScoutWare(TM) family of products including the Aether Intelligent Messaging (AIM) software platform, and its network operations and customer care center, Aether seeks to provide comprehensive, technology-independent wireless and mobile computing solutions. Aether develops and delivers wireless data services across a variety of industries and market segments in the United States and internationally. For more information, please visit aethersystems [dot] com. Please direct media inquiries to Greg Abel, Aether Systems, 443-394-5189.
Enron is one of the world's leading electricity, natural gas, and communications companies. The company, with revenues of $40 billion in 1999 and $60 billion for the first nine months of 2000, markets electricity and natural gas, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Fortune magazine has named Enron "America's Most Innovative Company" for five consecutive years, the top company for "Quality of Management," and the second best company for "Employee Talent." Enron's Internet address is enron.com. The stock is traded under the ticker symbol "ENE." Please direct media inquiries to Eric Thode, Enron, at 713-853-9053.
About GE Equity
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of more than U.S. $345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology, and services company with operations worldwide. Please direct media inquiries to Marcy Brucellaria, GE Capital, 203-961-2281.
About GE Power Systems
GE Power Systems (gepower [dot] com) is one of the world's leading suppliers of power generation technology, energy services and management systems with 2000 revenue estimated at $15.2 billion. The business has the largest installed base of power generation equipment in the global energy industry. Through a series of acquisitions and alliances, GE Power Systems has expanded its portfolio of products, services, and software solutions to serve global customers. Recent acquisitions of rental equipment and industrial water treatment businesses demonstrate this commitment to serve the energy industry as well as a broader range of industries including telecommunications, entertainment, and high-tech manufacturing. Please direct media inquiries to Jeff Ignaszak, GE Power Systems, at (770) 859-7650
About Insight Capital Partners
Insight Capital Partners is a private equity investment firm that invests in companies in e-business segments of the information technology industry. The New York and Amsterdam-based company has built a strong global reputation for being a value-added partner to senior management of high-growth e-business companies. Partners of the firm include founders Jeff Horing and Jerry Murdock, Bill Doyle, Roel Pieper, Ramanan Raghavendran and Peter Sobiloff.