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Framework Technologies Corporation Secures $25 Million from Top-Tier Investment Firms

BURLINGTON, MA - July 20, 2000 -- Framework Technologies Corporation, the leading developer of Web-based project communication software for the extended enterprise, today announced that it has raised $25 million in a third round of venture capital financing. Leading this round was Thomas Weisel Capital Partners, L.P., a $1.3 billion private equity fund making growth capital investments and leveraged buyouts in growth technology companies. Framework Technologies' previous capital investors also provided support, including investment banking firm Chase Hambrecht & Quist, and three of the nation's leading Internet investors -- Charles River Ventures, Bessemer Venture Partners and Norwest Venture Partners. This investment brings the total amount of funding that the company has received since inception to $46 million.

Framework Technologies will use the $25 million to extend its sales, marketing, and client services reach in the fast-growing C-Commerce (Collaborative Commerce) market sector, offering complete project collaboration solutions to Fortune 1000 firms like GE, Lucent Technologies, Moen (Division of Fortune Brands), Delta Airlines, and United Technologies. Additionally, this expansion will include a new program tailored to B2B Exchanges who wish to offer their customers value-added collaborative services within the umbrella of their portal sites. The company also plans to expand its sales, marketing, and client services staff by 50% by the end of 2000.

"Two years ago, Framework Technologies was solving the project collaboration needs of extended enterprise teams, long before 'Collaborative Commerce' was recognized as a hot technology category," commented Alan Menkes, Co-Director, Private Equity, of Thomas Weisel Partners. "With adequate financial backing, we believe the company is poised to dominate this market. They have a proven track record, top-drawer customers, seasoned management team and patented technology that continues to lead the industry in innovation and ease of use." "The phenomenal success of companies like Cisco Systems has proven that leveraging an extended enterprise team for faster project delivery can be a formidable competitive advantage," said Daniel Slavin, president and CEO of Framework Technologies Corporation. "Our solutions deliver this powerful advantage, helping organizations transform their businesses and supply chains into effective e-Businesses."

Framework Technologies' industry-leading collaboration software helps organizations executing large projects with external partners rapidly customize and deploy secure extranets for sharing information between the organization and its extended team. ActiveProject enables companies to shorten project delivery time and lower costs by sharing information with clients and partners, expediting issue resolution and driving accountability across organizational and geographic boundaries.

About Thomas Weisel Partners LLC 

Thomas Weisel Capital Partners, L.P. (TWCP) is a $1.3 billion private equity fund managed by Thomas Weisel Partners. The fund is led by co-directors Derek Lemke and Alan Menkes. To date, the fund has invested in or committed to invest approximately $500 million of capital in 19 companies. TWCP has acted as the lead or sole investor in 15 of the 19 portfolio companies. The average investment sizes ranges from $15 million to $100 million.

Thomas Weisel Partners is a research-driven merchant bank providing investment banking, institutional brokerage, private client services and private and public equity investing focused on growth companies transforming the economy. The team at Thomas Weisel Partners has 650 employees, including 66 partners, and is headquartered in San Francisco with additional offices in New York, Boston and London.

About Framework Technologies Corporation

Framework Technologies' mission is to help the extended enterprise-an organization and its external partners-meet project delivery goals by providing a means of effectively managing the constant changes that jeopardize successful project execution. Our strategy is to provide the first Web-based software that significantly improves communication among members of the extended team--by centralizing access to all project information, expediting feedback between project team members, and providing insight into schedule-threatening issues. Our vision is to be the world leader in extended enterprise project communication software-by helping organizations deploy project extranets that provide them with the ability to manage projects virtually anywhere. 

http://www.frametech.com 

 

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