News & Events
Webloyalty.com Announces Strategic Transaction with General Atlantic
NORWALK, CT. (April 19, 2005)- Webloyalty.com (http://www.webloyalty.com), a leading provider of online marketing and subscription services, today announced that its principal shareholders have reached an agreement to sell a majority stake in the company to General Atlantic LLC, a leading global private equity firm. The company's principal selling shareholders include Canaan Partners and BCI Partners. The entire existing management will stay in place and continue to hold a substantial stake in the business. The terms of the transaction were not disclosed.
"We are very pleased to have completed this transaction with General Atlantic," said Richard Fernandes, CEO & founding partner of webloyalty.com. "The firm shares our vision for guiding the continued growth of the company and recognizes the outstanding prospects for Internet affinity marketing programs. Their long-term, value-driven approach will provide a substantial financial platform for the company in the years ahead. We are excited about the opportunities that this partnership brings to our clients."
The deal, which is expected to close in May 2005, provides webloyalty.com with an opportunity to further strengthen its leading position within the online marketing industry. Webloyalty.com will use its resources to introduce programs that will continue to increase its membership base, placing the company among top subscription marketers on the Internet. In addition the company will continue to seek opportunities to expand its client roster; its marquee e-commerce clients include Lillian Vernon, Classmates.com, Time-Life and Redcats USA, operator of leading catalogues such as Chadwick's, Lane Bryant, and Brylane Home.
Anton Levy, principal of General Atlantic said, "We're pleased to be partnering with Rick Fernandes and his team. Webloyalty.com has demonstrated the value of its business model and is the clear market leader in this segment of online commerce. As we move forward, we will also continue to leverage the expertise of webloyalty.com's strong management team. We're looking forward to a long and productive association with them."
CIBC World Markets Inc. acted as financial advisor to webloyalty.com on the transaction.
About webloyalty.com
Webloyalty.com (http://www.webloyalty.com) is one of the leading online subscription and marketing services companies providing customized programs to e-commerce, travel and other fee-based businesses. Through its range of innovative Internet products, webloyalty.com enables its clients to generate new revenues and increase repeat purchase rates while offering their clients' customers a range of subscription services in a credible and trustworthy environment. Founded in 1999, in response to the emerging needs of e-commerce companies, webloyalty.com has a client roster of over 80 companies. Since its inception, the company has been dedicated to marketing responsibly on behalf of its clients to their customers by offering a new model of customer-friendly subscription services.
About General Atlantic
General Atlantic LLC, is a leading global private equity firm focused on investing in companies providing information technology or using information technology to drive growth. The firm was founded in 1980 and has about $8 billion in capital under management. General Atlantic has invested in over 140 companies and has current holdings in approximately 50 companies, of which almost one half are based outside the United States. The firm is distinguished within the investment community by its global strategy and worldwide presence, its commitment to provide sustained value-added assistance for its portfolio companies and its long term approach. General Atlantic has nearly 70 professionals among its 130 employees worldwide with offices in Greenwich, New York, Palo Alto, Washington, D.C., London, Düsseldorf, Singapore, Tokyo, Mumbai, Hong Kong, and São Paulo. For further information and a listing of our public and private portfolio companies see www.generalatlantic.com.
Press Contact:
For webloyalty.com:
Melissa Kanter
Edelman
212.704.8261
melissa.kanter@edelman.com
For General Atlantic:
Pat Hedley
203.629.8658
phedley@generalatlantic.com
