Redwood City, CA - May 23, 2000 - Corrigo, Inc. announced today it has secured $12 million in second-round funding from CMGI @Ventures, the venture capital affiliate of CMGI, Inc. (Nasdaq: CMGI), and $5.5 million from other strategic investors including Amicus Capital, LP, Staenberg, LLC, Asset Management Company, and ARBA Seed Investment Group. This round of funding will enable the company to take its innovative Mobile Service Management solutions to market. Redwood City, CA-based Corrigo is transforming the way organizations with mobile workers view service delivery by coordinating the entire process from customer contact through service fulfillment and supplier and vendor management.
"Corrigo was founded in February of last year to apply innovations in wireless technology and the Internet to organizations with large, mobile service and field operations. This includes a wide range of industries from property management maintenance to appliance and capital equipment repair," said Corrigo president Rick Michaux, a former director of marketing at Motorola. "Our Mobile Service Management solutions are designed to enhance customer satisfaction and deliver operating efficiencies to these organizations, which are traditionally labor intensive and paper-based."
"Mobile Service Management is a significant new opportunity. We expect this powerful combination of the Web and the latest in wireless technology to have a dramatic impact on the service delivery process across a number of industries," said Charles Finnie, General Partner with CMGI @Ventures. "We're excited by the breadth of application potential for this solution and expect Corrigo to be a leader in this emerging market. The company has a strong management team made up of individuals from industry leaders, including Motorola, Panasonic, Andersen Consulting, Datastream Systems and Hewlett-Packard." The CMGI @Ventures investment will be disbursed from it's $1 billion B2B Fund.
Corrigo's initial solutions target the property management industry with maintenance and customer service solutions. These firms recognize the need to gain operational efficiencies and deliver compelling customer service in order to achieve the kind of bottom line results desired by Wall Street.
"We are confident Corrigo understands the issues facing our industry and they are deploying meaningful solutions that will help drive improvements in resident satisfaction, staff utilization, asset performance and vendor management," said recently appointed board member Bill Wilson, chairman of Cornerstone Properties, which recently merged with Equity Office Properties. Bill Millichap, chairman of Marcus & Millichap Real Estate Investment Brokerage Company, was also recently appointed to Corrigo's board.
With the residential property management rollout underway, Corrigo is quickly moving into further real estate sectors and other maintenance, repair and installation markets. Corrigo continues to actively establish alliances with companies that can enhance its ability to enter new markets quickly and develop complementary solutions for its existing products.
About Corrigo
Corrigo provides Web-based mobile service management solutions that drive improvements in customer satisfaction, staff productivity, asset performance and vendor management. Corrigo leases its solutions over the Web and wireless services, minimizing customers' up-front investment and optimizing opportunities for growth. Corrigo delivers a solution that enhances the entire service delivery process, including implementation tailored to particular business processes, training of employees and 24 x 7 customer support. Corrigo is headquartered in Redwood City, California. More information on Corrigo is available at www.corrigo.com.
About CMGI and CMGI @Ventures
With more than 70 companies, CMGI, Inc. (Nasdaq: CMGI) represents the
largest, most diverse network of Internet companies in the world, including both CMGI operating companies and synergistic investments made through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), 1stUp.com, Activate, AdForce, AltaVista, CMGion, CMGI Solutions, Equilibrium, ExchangePath, iCAST, MyWay.com, NaviPath, SalesLink, Tribal Voice, uBid.com, and yesmail.com. CMGI @Ventures has ownership interests in 57 companies, including Lycos, Inc. (Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), MotherNature.com (Nasdaq: MTHR), Ventro (Nasdaq: VNTR) and Vicinity (Nasdaq: VCNT).
CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures has offices there, as well as at 3000 Alpine Road, Menlo Park, CA 94028. For additional information, see http://www.cmgi.com and http://www.ventures.com.
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Corrigo and CorrigoNet are trademarks of Corrigo Inc. All other company and product names are trademarks of their respective owners.