Internet Capital Group (Nasdaq:ICGE), a leading business-to-business (B2B) e-commerce company, today announced that it has taken a $24 million stake in Agribuys, a leading full-service business-to-business e-commerce company that optimizes procurement across multiple segments of the food industry, including grocery, foodservice and food manufacturing. This backing from Internet Capital Group (ICG) leads the total $32 million commitment recently received by Agribuys. With this addition, ICG fills out an important piece of its strategy to transform the $4 trillion global food industry, and complements existing ICG partner companies that operate in other parts of the food supply chain.
“The food industry is ripe for a B2B e-commerce solution to streamline the complex process of bringing millions of food products from the farm to dinner table. The potential savings for the industry are in excess of $9 billion in the United States alone,” said Ron Hovsepian, managing director at ICG. “Agribuys is a company that understands the complexity of this process, and has developed a solution that manages the intricate workflow of the industry. The Agribuys platform enables multiple methods of procurement and handles the process from pre-order preparation to fulfillment. We look forward to providing the financial, strategic and operational support to help propel Agribuys to a leadership position.”
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Agribuys’ integrated procurement platform allows customers to procure and manage the supply chain for all food purchases including produce, meat, poultry, seafood, dairy, floral, ingredients and frozen perishables through a network of over 1,000 suppliers in the Agribuys marketplace. The platform enables numerous mechanisms for buying and selling, including spot buying, lid buying, negotiated pricing, supplier offers/specials, and consignment. It also offers a number of value-added features including shipment tracking, management reports, invoice reconciliation, online ACH payments, and rebate management. The platform’s architecture supports both private and public transactions, and can easily be extended to new products and geographies.
“Agribuys is a powerful addition to the ICG partner company network in the food industry, which also includes eMerge, Cybercrop, FOL Networks, and Tibersoft,” added Hovsepian. “With our stake in Agribuys, we are connecting every link in the food chain including farmers, ranchers, processors, manufacturers, grocers, distributors and restaurants. We are looking forward to focusing resources and energy into honing a truly symbiotic collection of B2B winners.”
“We are extremely pleased to be joining the global ICG Network and benefit from ICG’s unmatched B2B experience and partner network synergies,” stated Marina Kotsianas, Agribuys president and CEO. “Agribuys set out to enable major changes in food distribution worldwide. We believe in the potential for enormous value generation for all participants, if B2B is approached in a comprehensive way — with broad and deep functionality. ICG is a partner that understands the magnitude of the work and the promise of B2B. We admire and share ICG’s goal of transforming business through the widespread adoption of B2B e-commerce.”
About Agribuys
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By GlobalDataAgribuys is a leading global provider of integrated web-based procurement services for the food industry. Having recognized that the process extends far beyond a simple transaction model, the company provides a menu of services from pre-order, transaction execution to post order services in multiple food segments including produce, meat, poultry, seafood, ingredients, dairy, floral, and frozen perishables. These services are seamlessly incorporated into customers’ front-end sales systems and back-end information systems, facilitating collaborative supply chain management. The Agribuys management team is a thought leader in the industry, bringing together deep food industry domain expertise with extensive experience in technology and e-commerce. Based in California, with offices in India, Canada, England, and Australia, Agribuys is rapidly expanding to further broaden its global procurement platform. You are invited to meet Agribuys at the SIAL Paris Show, October 22-26. You can also receive more information by visiting www.agribuys.com or calling 877/499-3052.
About Internet Capital Group
Internet Capital Group (http://www.internetcapital.com) is an Internet company actively engaged in business-to-business e-commerce through a network of partner companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximize the long-term market potential of more than 70 business-to-business e-commerce companies. Headquartered in Wayne, Pa., Internet Capital Group has offices in San Francisco, Boston, Seattle, London, Munich, Paris, Tokyo and Hong Kong.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions of interests in additional partner companies, additional financing requirements, the effect of economic conditions in the B2B e-commerce market and other uncertainties detailed in the company’s filings with the Securities and Exchange Commission.
