ereorg.com, Inc. Completes $7.5 Million Financing with Warburg, Pincus Equity Partners, L.P.

ereorg.com, Inc. announced today that it has completed its third round of financing with Warburg, Pincus Equity Partners, L.P. Warburg, Pincus invested $7.5 million in ereorg in exchange for equity in the company. The proceeds will be used by ereorg to introduce new products and services in the U.S. and to fund international expansion. ereorg is a business-to-business e-commerce company which has developed the first global, online auction market for trading an estimated $340 billion of bank loans, trade claims and sovereign bank debt. ereorg's system creates a marketplace that offers transparency, reduced transaction costs, anonymity, standardized documentation, and shorter transaction cycles and settlement times. "Warburg, Pincus is an excellent strategic partner for ereorg given the firm's expertise in electronic commerce, financial services and fixed income markets, and its strong relationships in the commercial and investment banking communities," said Ronald DeKoven, CEO of ereorg. "We are pleased to be backing ereorg. The company has developed a proprietary auction system that will enable it to capitalize on the revolution sweeping across fixed income markets. Increased liquidity in the secondary debt markets will ultimately benefit all key market players - borrowers, lenders and debt buyers," said Kewsong Lee, a Warburg, Pincus Managing Director. Since announcing its debt-trading system on December 2, ereorg has been busy processing registration requests from interested buyers and sellers. The public area of the company's web site is now open ( http://www.ereorg.com ) and auctions will begin in January 2000. ereorg is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. (NASD). ereorg will not buy, sell, or own debt instruments for its own account. Warburg, Pincus Equity Partners, L.P. is a private equity fund capitalized with $5 billion in 1998 and is managed by E.M. Warburg, Pincus & Co., LLC. Financial services, and the opportunities created as a result of the Internet's impact on financial services businesses, are important focus areas for Warburg, Pincus. Other investments made by Warburg, Pincus include: Mellon Bank Corporation; BEA Systems, Inc; NOVA Corporation; and TradeCard, Inc. Other investors in ereorg include AMT Capital Management, a founding investor in B-Trade, the executing and clearing broker for Bloomberg Tradebook, and Shearman & Sterling, an international law firm with a prominent corporate restructuring practice. ots Original Text Service: ereorg.com, Inc. Internet: http://www.newsaktuell.de Contact: Steven Bruce or Carina Thate of Abernathy MacGregor Frank (USA) 212-371-5999, for ereorg.com, Inc.; or ereorg.com, Inc., (USA) 212-418-1150 Web site: http://www.ereorg.com

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Oblast
USA, Kanada, OSN, svět a Arktida (us)

Kategorie
Finance, ekonomika

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