Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

habe ich diese Entwicklung vorhergsagt. Ich habe immer wieder betont, dass Internet Capital der Internet-Brutkasten geblieben ist, der jetzt mit einer vollen IPO-Pipeline große Chancen bietet, während CMGI alle seine Chancen zu Unzeiten billig verkloppt hat - und sich zu einem Low-Tech-Unternehmen im Bereich des Supply Chain gewandelt hat und heute nicht viel mehr als Botendienste leistet.

finance.yahoo.com/q/bc?s=ICGE&t=1y&l=on&z=m&q=l&c=CMGI

Beide Firmen sind heute auch in keinster Weise mehr vergleichbar und werden sich weiter auseinanderentwickeln.

sind die 27% an einem der größten Interdealer-Broker auf dem Markt für Kreditderivate: Credittrade. Jede zusätzliche Verbriefung auf diesem Markt steigert das Handelsvolumen und die Provisionen der Internet Capital-Beteiligung Credittrade.


Rekord-Verbriefung startet
von Reinhard Hönighaus und Yasmin Osman (Frankfurt)
Citigroup, Barclays und Eurohypo haben mit der bisher größten Verbriefung deutscher Immobilienkredite begonnen. Das Bankenkonsortium will ihre Forderungen an das Wohnungsunternehmen Deutsche Annington in Höhe von 5,4 Mrd. Euro über den Kapitalmarkt an institutionelle Investoren weiterreichen.
"Die Roadshow beginnt kommende Woche. Bis Ende Juli wollen wir die Anleihen platziert haben", sagte Amanda Thomson, Managing Director bei Citigroup in London, der FTD. "Es ist ein sehr granulares Portfolio aus 164.000 Wohnungen mit breit gestreutem Risiko."

Annington, eine Tochter des britischen Beteiligungsfonds Terra Firma, hatte die frühere Eon-Immobiliensparte Viterra im Mai 2005 für 7 Mrd. Euro gekauft. Die Übernahme war zu 90 Prozent fremdfinanziert. Seither arbeiten die Kredit gebenden Banken daran, die Risiken über Commercial Mortgage Backed Securities (CMBS) wieder loszuwerden. CMBS sind strukturierte Anleihen, die mit gewerblichen Immobilien besichert sind. Eine Vielzahl von Mietwohnungen wird dabei in Portfolien gebündelt. Anstelle der Banken treten Tausende von Anleihekäufern als Darlehensgeber auf.


Ablösung der Akquisitionsfinanzierung


ZUM THEMA
Commerzbank nutzt Verbriefungsplattform TSI (www.ftd.de/unternehmen/handel_dienstleister/66164.html)
(€) Banken arbeiten an Großverbriefung (www.ftd.de/unternehmen/finanzdienstleister/63846.html)
(€) Eurostat droht Strenge bei Verbriefungen an (www.ftd.de/politik/europa/61168.html)
(€) Mittelstand: Unternehmen entdecken neue Finanzquellen (www.ftd.de/unternehmen/52765.html)
(€) Dossier: Dresdner belebt Verbriefungsplattform (www.ftd.de/unternehmen/finanzdienstleister/37492.html)
(€) Hannover Rück verbrieft Risiken (www.ftd.de/unternehmen/versicherungen/33312.html)
(€) Dossier: Deutsche Immobilienkredite belasten HVB (www.ftd.de/unternehmen/finanzdienstleister/15967.html)
"Die Verbriefung ermöglicht uns, die Akquisitionsfinanzierung abzulösen, die wir Terra Firma für Viterra gegeben haben", sagte David Basra, Head of European Structured Finance bei der Citigroup in London. "Unser Kunde bekommt eine günstige, langfristige Finanzierung über den Fremdkapitalmarkt."

Zu Jahresbeginn hatten Morgan Stanley und Citigroup auf diese Weise 1,5 Mrd. Euro aus dem 2,1 Mrd. teuren Kauf der 48.000 Thyssen-Krupp-Wohnungen refinanziert. "Diese Transaktion hat gezeigt, dass es Appetit für die Anlageklasse gibt", sagte Basra.

Außergewöhnlich an der Annington-Verbriefung mit dem Codenamen "Grand plc" ist ihre schiere Größe. "2005 lag das gesamte Transaktionsvolumen von Verbriefungen, die durch deutsche Gewerbeimmobilien besichert sind, bei 5 Mrd. Euro", sagte Christian Aufsatz, CMBS-Analyst bei der Rating-Agentur Moody's. Sie könnte 2006 von der Größe her zu den Top Ten des europäischen Verbriefungsmarktes zählen, sagte Birgit Specht, die bei Citigroup die Strategie für Verbriefungsprodukte leitet.

bei dem Internet Capital mit seinen 27% an einem der größten Interdealer Broker, CreditTrade, mit dabei ist.

'FTD': Commerzbank will Mittelstandskredite in Millionen-Höhe verbriefen
Mittwoch 19. April 2006, 22:13 Uhr


HAMBURG (dpa-AFX) - Die Commerzbank will einem Pressebericht zufolge bis Juni Mittelstandskredite im Volumen von rund 500 Millionen Euro verbriefen. Die Transaktion über die Plattform True Sale International (TSI (TSIA.PK - Nachrichten) ) werde eine Laufzeit von rund fünf Jahren haben, schreibt die "Financial Times Deutschland" (Donnerstagausgabe) unter Berufung auf Finanzkreisen. Die Commerzbank strebe zudem an, für ihre Verbriefung ein Zertifikat der TSI zu erhalten. Allerdings ist noch nicht sicher, dass die Transaktion die dazu notwendige Anzeige

Größe erreichen wird.
Mit True-Sale-Verbriefungen verlagern Banken Kreditrisiken an den Kapitalmarkt und erhalten durch den Verkauf Liquidität. Bei einer True-Sale-Verbriefung verkauft eine Bank ein ganzes Bündel von Forderungen an eine Zweckgesellschaft. Bei TSI-Verbriefungen sind das Gesellschaften deutschen Rechts. Bisher waren ausländische Standorte wie Jersey aus steuerlichen Gründen beliebt, schreibt das Blatt. Die Zweckgesellschaft finanziert den Forderungsankauf durch die Emission von Bonds. Dabei wird das Portfolio in Tranchen mit unterschiedlich hohem Risiko geteilt.

The new agreement builds on the strong results of a partnership that began in April 2002. By moving from regional to national sourcing and taking a comprehensive approach to procurement by leveraging ICG Commerce resources, expertise and technology, Timken was able to accelerate the realization of savings while creating centralized purchasing capabilities to support its expanding global manufacturing operation. The expansion included the acquisition and successful integration of Torrington in early 2003. "Timken has realized significant savings through ICG Commerce's strategic and comprehensive approach to procurement," said Glenn Eisenberg, executive vice president of finance and administration for the Timken Company. "We look forward to the next step in our partnership with ICG Commerce and achieving even greater results over the next five years."

"While we have always had a progressive procurement organization, the continuing growth of our business and the increasing breadth of our product portfolio created a need to develop an infrastructure for managing complex supply bases and, at the same time, simplifying the procurement process," said Mike Hill, senior vice president of supply chain management for the Timken Company. "In order to fully realize the savings goals set for the company, we recognized that we would have to evolve our procurement initiative from a series of sourcing events to a more comprehensive, holistic program including implementation, transaction management and category management services as well as process and technology improvements. ICG Commerce has played a key role in making that happen."

The procurement synergies gained over the past four years have led Timken to fully leverage ICG Commerce to help them manage a large percentage of its indirect spend. In total, the agreement covers nearly 25 buying categories feeding into 40 plus facilities across North America.

The move is reflective of the growing trend toward procurement BPO, where ICG Commerce stands as the market share leader, according to multiple industry experts.

About The Timken Company

The Timken Company (NYSE:TKR - News) (www.timken.com) is a leading international developer of highly engineered bearings, alloy and specialty steels and components, as well as a provider of related products and services. With operations in 27 countries, the company employs about 26,000 people worldwide and recorded 2005 sales of U.S. $5.2 billion.

Re: Extremly good news from ICGCommerce
by: flankenking
Long-Term Sentiment: Strong Buy  07/10/06 06:12 pm
Msg: 241866 of 241866

Worth of ICGCommerce


Let us look, what we know:

First we know, revenues of ICGE must be about 10 millions in the first quarter. I believe, that will be about 45 million in 2006.

Second we know: In the first quarter we hat first a net income, we had after a long, long time the break even.

I believe, a 5-times-revenues is a very conserative worth: 5 * 45 = 225 million.

And 76% from 225 million are 171 million.

You see: Only one from the 18 private held compannies with a worth from 171 million and the 170 million net cash/securities are higher than the market cap - the other 17 private held companies are free of charge.



Posted as a reply to: Msg 241865 by flankenking  

That’s still puny compared to the tens of thousands of engineers the Indian biggies employ, though. China-focused companies like Freeborders are probably betting that China’s big home market provides them with an edge. Freeborders cites research by Analysys International, a Beijing research house, saying China's software outsourcing services market reached $323 million in Q1 2006, 44% higher than Q1 2005, and a prediction by International Data Corp. that China will account for 24% of IT spending in Asia-Pacific by 2010, “making it the largest IT services market in the region.” And the other day Brian blogged here about how IBM, EDS and the Indians are looking to places like China for business. that’s not a secret to the Indians. That’s why the big Indian companies are aggressively pushing into China. (For instance, see this story in BusinessWeek about Satyam, TCS and Infosys from a few months ago.)

The Chinese pattern in other industries has been to invite in foreigners, learn from them and then build up local companies to compete with them. Chances are, that’s the game plan for software services too. I’m not sure where that leaves a company like Freeborders, though. For all of its focus on China, it’s still an American company. There are others in outsourcing that have more Chinese roots that probably have the edge.

Artikel im vorstenden Posting.

Richtig ist zum Beispiel: "Yesterday, Freeborders announced that it is expanding its headcount in Shenzhen, from 700 now to 2,000 by the end of next year."

In China and USA/Europe together Freeborders has today about 900 employers - about 700 in china and 200 in USA/Europe, after Freeborders aquierend TDK: "SAN FRANCISCO, CA-February 8, 2006 -Freeborders, a leading provider of technology solutions and outsourcing from China, announced today the acquisition of ITK Solutions, an IT management consulting firm specializing in technology project delivery for financial services companies. ITK Solutions will expand Freeborders' onshore team of experts in the financial services industry, a key growth area for Freeborders."

False is for example, that Freeborders is a US-company, Freeborders have roots in USA and China and US-owners like Internet Capital and asian-owners like Foutain Set or Hutchinson Whampooa.

"Achieving CMMI Level 5 is a significant accomplishment for the company and a reflection of our ability to relentlessly optimize our data-driven processes," said Freeborders co-CEO John Cestar. "Our team in China has worked extremely hard for this certification and this is further evidence of our focus on quality as well as our track record of delivering results that are predictable and repeatable. It is a great honor to be one of the few companies in China at this level servicing North American and European clients."

According to a November 9, 2005 report by Gartner entitled "What Chinese IT Services Providers Must Do to Succeed In the Global Market", it states, "Chinese companies that want to sell to sophisticated global clients must achieve high levels of process maturity assessment. A high level of quality and process maturity, assessed by an independent authority, can help them overcome concern about that risk."

The assessment was carried out by CyberQ, the leading Software Quality Assurance Consulting and Auditing company from India that has conducted appraisals of many leading companies in several countries of the world . Dr. Rajiv Nag, Lead Appraiser, praised Freeborders for its strong focus on client satisfaction, commitment to quality at all levels, and the sincerity and integrity of its approach toward process improvement.

"There is a common misperception that China IT teams can only succeed in small, low-value development tasks," said Fang Liang, President Asia, Freeborders. "But at Freeborders, CMMI Level 5 certification demonstrates that our talent in China is very capable of adhering to international standards of solution design, requirements building, deployment and implementation of large-scale projects."

About Freeborders

Freeborders is the leading provider of technology solutions and outsourcing from China. Freeborders provides vertical expertise to North American and European companies in retail, financial services and software/hi-tech. Headquartered in San Francisco with offices in three continents, Freeborders has developed a track record of service delivery to the Fortune 1000 by combining world-class project management in both hemispheres with one of the largest technology centers in China. Freeborders believes China's massive and growing supply of IT talent and the country's emerging importance in the global supply chain make China a strategic imperative for any company seeking cost-effective world-class technology solutions. Freeborders is headquartered in San Francisco, with offices throughout U.S., Canada and Europe.

The revenue of freeborders are less than 2% of the revenues from Infosys. The proportional market cap is 400-500 million. On the other side, the growth rate of Freeborders is much bigger - and a ipo-market cap of one billion can be realistic. I believe, that by an ipo in 2006 a market cap of 600-800 million is more realistic. By an ipo in 2007 one billion can be the right number.

And Internet Capital owns 33% of Freeborders.

Lasst Euch von Manipulateuren an der Frankfurter Börse nicht verarschen. Nachdem offensichtlich die SEC in den USA den Betrügern das Handwerk gelegt hat, sind die sich nicht zu schade sogar "auf die Dörfer", sprich nach Frankfurt zu gehen. Mit Minikäufen von einem bis zehn Stück zu Preisen von 6,70 ziehen sie die Kurse nach unten. Damit soll in Frankfurt eine niedrige Vorgabe stehen, ehe auf Island in den USA das Geschäft anfängt. Den Island-Manipulateuren scheint aber die SEC eines auf den Deckel gegeben zu haben, also versuchen sie es über Frankfurt zumindest die Eröffnung niedrig einzustellen. Das Problem für Euch ist, dass Ihr auch vernünftige Minimengen von z.B. 100 oder 200 Stück nicht zu diesem Kurs bekommt, denn dazu müsste der Skontrenführer an der Frankfurter Börse in Vorlage treten und sich dann später in den USA über Island eindecken. Der umgerechnete Schlusskurs in den USA war aber 6,86 Euro. Das heisst größere Mengen bekommt Ihr in Frankfurt sicher nicht unter 6,90.

In 2005, Freeborders experienced 45% year-over-year revenue growth, and year-over-year bookings grew 30%. Freeborders also became one of the first firms in China to be certified at CMMI Level 5, the highest quality rating offered by the Software Engineering Institute at Carnegie Mellon University. Freeborders is one of 70 CMMI Level 5-certified companies in the world.

“The need for an objective ordering of outsourcing vendors was planned by our editors for our book over a year before the book was published,” said Scott Wilson, co-author of The Black Book of Outsourcing (John Wiley & Sons Publishers). “Wiley required a directory of companies that objectively named the outsourcing industry’s Top 50 “Best Managed” by measurable criteria and independent of subjective judging. We sought the best set of benchmarks from top university business schools as appropriate indicators of managerial excellence.”

“This award is an outstanding achievement for Freeborders and is testament to our world-class outsourcing services, as selected firsthand by nearly 900 outsourcing purchasers and corporate employees in the industry,” said John Cestar, CEO of Freeborders. “China’s massive pool of IT talent and the country's emerging leadership in the global supply chain have made it a strategic location for organizations seeking cost-effective IT solutions and services. Freeborders remains committed to developing close partnerships with its clients, helping pioneer a new kind of outsourcing in China with long-term benefits.”

Audits for The Black Book of Outsourcing were conducted in March 2006 and again in June 2006 to determine response validity. Companies were rated on a 100-point scale, based on responses from the survey. For further information on the 2005 full list of companies, please visit theblackbookofoutsourcing.com.

besser laufen muss, ist bei den Beteiligungen GoIndustry:

www.londonstockexchange.com/LSECWS/...px?id=1253306&source=RNS

Da haben wir zwar in 2005 Umsatzrückgänge gehabt, aber in 2006 eine Stabilisierung. Wenn hier eine Konsolidierung gelingt, wird sich der Wert von GoIndustry vervielfachen. Begrenzt wird dies allerdings dadurch, dass bei dem Unternehmen, das knapp bei Kasse war, Schulden in Aktien umgewandelt wurden, wodurch die Aktienzahl gestiegen ist. Potenzial ist auch bei GoIndustry da, aber wohl auch Geduld notwendig.

Unlike many of its Chinese competitors that have “Western-educated” executives, Freeborders favors a Chinese management team with local expertise. “Anyone who is a non-Chinese and is running the business from China eventually gets into operational difficulties,” says Cestar.

Headquartered in San Francisco, Freeborders takes advantage of both offshore and nearshore delivery, with centers in Shenzhen (China) and Montreal (Canada). It also has technology architects in North Carolina, San Francisco and London, who work closely with clients to understand their business requirements, and then pass that on to the technology teams in Shenzhen and Montreal.

Internet Capital hält 33% an Freeborders.

Important Information about Metastorm
by: flankenking
Long-Term Sentiment: Strong Buy  07/14/06 04:28 am
Msg: 241918 of 241918

in Msg. 241911:


"Metastorm "swam with the sharks" when it gobbled up competitor CommerceQuest last year, but with combined revenues of about $50 million ...."

Now, we have an information about the revenues of Metastorm. The question is: What is the worth of Metastorm? I believe, a 4-time revenue is a conserative and fair multiple. Worth of Metastorm = 200 million and worth of 42% of Internet Capital = 84 million.

Remember: If we subtract net-cash/securities of 170 million from the market cap oy yesterday of 330 million = 160 million. 18 private held companies must have a worth of only 160 million. But the 33% of freeborders have a worth of about 150 million alone, the 76% of ICGCommerce have a worth of about 150 million alonbe and 61% of starcite have a worth about 150 milllion alone. The fourth in ranking, Credittrade, have a worth of 100-120 million. And now we know something about the number 5 in worth-ranking: Metastorm. The worth of metastorm is about 80-90 million.

You see, the fundamental base of Internet Capital is exzellent. In addition with the low price and a lowest P/E of an internet stock worldwide we can say: Buy every share of Internet Capital as you can.

dieses Boards Sinnvolleres tun.

Buy-Time for investors
by: flankenking
Long-Term Sentiment: Strong Buy  07/14/06 06:56 am
Msg: 241919 of 241920

Internet Capital has a P/E of exaktly 5, the lowest óf all internet-stocks worldwide. The P/E of 5 based on a net income of 72.5 million in 2005 and a market-cap about 330 million. But the average of net incomes in next year will growth from 72.5 million a year to higher numbers, because a lot of ipo's and mergers will come, for example freeborders, icgcommerce, starcite, metastorm and other.

An other point: Proportional revenues of the 18 private held companies of internet capital will be 130 million. The tech-stocks in the S&P have a 6-times revenue in the average. Proportional revenues of 130 by 6-times-revenues have a worth of 780 million. Then we add to this 780 million the net cash/securities of 170 million = 950 million.

Last market cap was 325 million.

An investor have a great chance, but low risks (look a net cash/securities and the market cap).

Für deutsche Investoren  (Not rated)  14-Jul-06 06:59 am Auch wenn es der eine oder andere nicht glaubt, Internet Capital ist tatsächlich die Eier legende Wollmilchsau.

Leider ist mein Englisch nicht so gut, dass ich den Begriff "Eier legende Wollmichsau" so übersetzen kann, dass die Amis keinen Lachkrampf bekommen.

Cover-times for small shortsellers
by: flankenking
Long-Term Sentiment: Strong Buy  07/14/06 08:03 am
Msg: 241922 of 241923

Cover before the BIG SHORT must cover. In only two month shortselling-position growth from 1,5 million to over 3 million. Today, I believe, shortselling-position will be between 4 and 5 million shares.

Outstandig shares are 39,4 million, but institutionals hold 58,3%. And this group of shareholders don't sell by a P/E of 5, they increase their positions. 5% held the management, who increase his position. And 15,500 shares helds flankenking, who will first sell between $28 and $35 or higher.

I am sure, a shortquezze will come - first possible today, latest after the numbers for the second quarter, when we hear of the increase of the revenues of the nine private held core companies from 52.3 million to 60 million. It's only a few days.

My advice for small shortsellers: If you panic, go panic first.

Erst wenn richtig gute News kommen.

würde ich das nicht sehen. Denn eigentlich sind die guten Nachrichten ja schon längst da. Und ein Anstieg der Kurse ist in den letzen beiden Monaten nur durch massives Shortselling verhindert worden - nämlich ein Anstieg von 1,5 auf über 3 Millionen. Das mit den 3 Millionen war am 15. Juni, inzwischen haben wir den 15. Juli - das Tempo beim Aufbau der Shortselling-Positionen dürfte nicht kleiner geworden sein, sodass wir uns hier mittlerweise zwischen 4 und 4,5 Millionen bewegen dürften. Die Bombe ist kurz vor dem Explodieren, wie auch das nachstehende Posting zeigt:

Last market cap was 320 million. Internet Capital has 170 million net cash/securities. When you subtract the 170 million from the market cap = 150 million. All the 18 private held companies togehter must have a worth of 150 million. That's absurd, because the 76% of ICGCommerce has a worth of 150 million alone (other companies like Starcite or Freeborders too):

www.icgcommerce.com/corporate/doc...
rket_02_20_06.pdf

Reveneus of ICGCommere in 2006 will be between 40 and 50 million. By an 4.5 times revenue of competitors, we have a worth about 200 million. And the 76% of Internet Capital has a worth of about 150 million, but it could be 200 million, too - because a 4.5 times revenue is a small number.

The other 17 companies are free of charge. I believe, the market will correct this - a shortsquezze will come, may be in the next three or four weeks.


Sentiment : Strong Buy

Wiederholung der Internetadresse aus dem vorherigen Text - diesmal hoffentlich zum Durchklicken.

www.icgcommerce.com/corporate/doc/html/..._Market_02_20_06.pdf

StarCite is not alone in documenting the acceleration of the meeting industry’s business-to-business online marketplace. Ed Tromczynski, president of the supplier division at Santa Clara, Calif.–based OnVantage, another player with online tools for strategic meeting management, reports more than 50 percent growth in the number of unique meetings sourced with an OnVantage e-RFP in 2005 compared to 2004. OnVantage clients sent out e-RFPs for 50,000 unique meetings in 2005, versus about 32,000 in 2004. That translates to more than 250,000 total RFPs, says Tromczynski, calculating OnVantage’s average of five to six RFPs per meeting.
Both executives say they’re just getting started. Tromczynski estimates that only 15 percent of all meetings are using electronic RFPs. Boult agrees with that statistic in terms of U.S. meetings, but notes that the figure is much lower for international meetings, a market in which StarCite is making a significant investment, he says. Boult predicts it will take only another 18 months to double StarCite’s total RFPs to 2 million, and he sees the growth coming not only from new customers and the international market, but also from existing companies expanding their use of the e-RFP. “When global companies get serious about this space,” he says, “e-RFPs win.”


Reveneus of Starcite in 2006 will be about 25 million. By a 10-times revenue of competitors, we have a worth about 250 million. And the 61% of Internet Capital has a worth of about 150 million, but it could be 200 million, too - because a 10- times revenue is a small number by doubling the business all 18 month.

The other 17 companies are free of charge. I believe, the market will correct this - a shortsquezze will come, may be in the next three or four weeks.

Und ein Anstieg der Kurse ist in den letzen beiden Monaten nur durch massives Shortselling verhindert worden.

Das ist es ja.Der einzige der handelt ist der Shortseller.Bei dem minimalen Volumen der letzten Tage hätte er auch ohne Probleme den Kurs viel tiefer hinmanipulieren können wenn er gewollt hätte.Warum er eine Grenze setzt ist mir ein Rätsel.  

The hangman for shortseller is near  (1 Rating) 18-Jul-06 02:26 pm

Small shortsellers should cover before the BIG SHORT must cover. The small shortsellers can, the BIG SHORT can't, because the price will jump, if he buys the mumbers, he need to cover.


Sentiment : Strong Buy
Rate it:

     

"Each of the Ritz Interactive websites, from RitzCamera.com to BoatersWorld.com, is known for their unparalleled product selection, incredible convenience and competitive prices in their respective fields," said Fred Lerner, CEO at Ritz Interactive. "With Vcommerce, we now have the ability to further expand product offerings for each unique site while ensuring optimal fulfillment and minimizing operation costs." According to Lerner, the ability to efficiently integrate with a large number of suppliers, access advanced sourcing logic and to use other management tools to support the best customer experience and provide more operational control, were key criteria in their selection of a fulfillment solution for the consumer electronics component of their business.

"The fulfillment infrastructure has an immediate and very real impact on customer satisfaction as well as the bottom line for e-commerce businesses," said Dan Clarke, CEO of Vcommerce. "In today's competitive online marketplace, companies increasingly require more sophisticated technology to nurture customers and grow revenues while controlling costs. Leveraging our proven on-demand fulfillment solution and our advanced management tools allows our clients to manage these complexities with no investment in software and the assurance that they will always have the latest technology."

The Vcommerce(TM) back-end fulfillment solution is an on-demand solution that integrates with existing online storefronts. It enables retailers to employ a single automated solution to rapidly integrate their proprietary supplier networks, control multi-channel, high-volume order traffic across complex supplier networks and measure supplier performance. Highly-configurable, the Vcommerce solution offers advanced sourcing logic and Web-based management tools, including a single dashboard to manage orders and track key metrics and scorecards to measure supplier performance, to provide visibility and control across all steps in the commerce chain.

About Ritz Interactive, Inc.

Ritz Interactive is an award-winning, specialty online retailer and e-commerce service provider that operates a network of websites offering high quality, branded lifestyle products. Since its inception in Irvine, California in 1999, the company has become a leader in providing a full array of photographic and consumer electronics products as well as a wide range of marine, boating and fishing products, at competitive prices for online shoppers. Ritz Interactive's leading photo-specialty e-commerce websites are Ritzcamera.com and WolfCamera.com, while the company's leading marine e-commerce website is BoatersWorld.com. Each of the individually branded and marketed websites offers a broad and deep selection of competitively priced products and brings an established brick-and-mortar reputation to the company's e-commerce platform.

About Vcommerce

Vcommerce is the market leader in on-demand e-commerce and fulfillment solutions for multi-channel retailers and direct-to-consumer companies of all types. With nearly a decade of experience, Vcommerce counts major retailers, publishers and entertainment companies among its clients and has integrated thousands of suppliers and processed over $1 billion in goods for such leading merchants as Target, Overstock.com, eToys Direct, David's Bridal, Ritz Interactive and MTV Networks. Headquartered in Scottsdale, Ariz., Vcommerce is SAS 70 Type II certified. The company is privately held, and its investors include Internet Capital Group, Inc. (Nasdaq:ICGE - News). For more information, please visit www.vcommerce.com or call 480-922-9922.

© 2006 Vcommerce Corporation. All rights reserved. Vcommerce is a registered trademark of Vcommerce Corporation. Any other company or product names mentioned herein are the trademarks of their respective owners.

und prominenter:

www.vcommerce.com/clients.shtml

Internet Capital hält 36% an VCommerce.

moving from regional to national sourcing and taking a comprehensive approach to procurement
by leveraging ICG Commerce resources, expertise and technology, Timken was able to accelerate
the realization of savings while creating centralized purchasing capabilities to support its
expanding global manufacturing operation. The expansion included the acquisition and successful
integration of Torrington in early 2003. "Timken has realized significant savings through ICG
Commerce's strategic and comprehensive approach to procurement," said Glenn Eisenberg,
executive vice president of finance and administration for the Timken Company. "We look
forward to the next step in our partnership with ICG Commerce and achieving even greater
results over the next five years."

"While we have always had a progressive procurement organization, the continuing growth of our
business and the increasing breadth of our product portfolio created a need to develop an
infrastructure for managing complex supply bases and, at the same time, simplifying the
procurement process," said Mike Hill, senior vice president of supply chain management for the
Timken Company. "In order to fully realize the savings goals set for the company, we recognized
that we would have to evolve our procurement initiative from a series of sourcing events to a
more comprehensive, holistic program including implementation, transaction management and
category management services as well as process and technology improvements. ICG Commerce
has played a key role in making that happen."

The procurement synergies gained over the past four years have led Timken to fully leverage ICG
Commerce to help them manage a large percentage of its indirect spend. In total, the agreement
covers nearly 25 buying categories feeding into 40 plus facilities across North America.

The move is reflective of the growing trend toward procurement BPO, where ICG Commerce
stands as the market share leader, according to multiple industry experts.

# # #

About The Timken Company
The Timken Company (NYSE: TKR) (www.timken.com) is a leading international developer of
highly engineered bearings, alloy and specialty steels and components, as well as a provider of
related products and services. With operations in 27 countries, the company employs about
26,000 people worldwide and recorded 2005 sales of U.S. $5.2 billion.