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April 03, 2000
First Union Securities Acts as Placement Agent for Xcelerate
CHARLOTTE - First Union Securities acted as placement agent for Xcelerate Corp., a leading e-business consulting firm that transforms start-up and existing companies into e-corporations, on the placement of $35 million in Series C convertible preferred stock. The Carlyle Group, the lead investor, along with idealab Capital Partners and Bessemer Venture Partners participated in this round of financing. First Union Capital Partners led the Company's first round of external funding in March of 1999.
"We chose First Union Securities because of their investment banking leadership in the Internet professional services sector," noted Bruce Frcek, Chief Executive Officer for Xcelerate. "The level of service and expertise their team of professionals gave us distinguishes them from the competition."
"We are excited about being Xcelerate's financial partner," noted Tom Roberts of First Union Securities. "The rapid execution of this transaction demonstrates the combined strength of First Union's deep industry knowledge, execution expertise and close relationships with the private equity community. Our Xcelerate relationship is a perfect example of First Union's full service financing capabilities for emerging growth companies."
First Union Securities' Technology Investment Banking Group is one of the largest focused exclusively on emerging Internet companies. The Technology Investment Banking Group covers the following sectors: Business to Consumer Internet Commerce, Business to Consumer Internet Content, Digital Marketing Services, Business to Business Internet Commerce, Internet Service Providers, IT/Internet Professional Services, Enterprise/Internet Software, Internet Infrastructure, eHealth, and eFinance. In addition, First Union has one of the largest Internet-focused equity research teams with a roster of 10 analysts covering over 100 companies.
Xcelerate is an innovative e-business solutions provider that rapidly transforms existing businesses and start-ups into successful e-corporations. By integrating strategy, technology, user experience design, interactive marketing and digital program management, Xcelerate provides true end-to-end solutions to help companies expand customer relationships, increase revenue, and streamline operations. The company's speed of delivery translates into significant time-to-market advantages; and an unparalleled commitment to client service ensures focused, high-impact results. Headquartered in Fort Lauderdale, Fla., Xcelerate currently employs more than 300 professionals. Additional offices are located in Atlanta, Dallas and New York. Xcelerate may be reached at 877-937-6260 or on their Web site at www.xcelerate.com
First Union Corporation is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth largest bank holding company with assets of $253 billion as of December 31, 1999. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C., and securities offices in 41 states.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. All of such securities have been sold and this press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities.
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