In a statement it said: 'Andersen Consulting will seed the $1 billion venture-capital initiative with more than $500 million as well as access to intellectual property. The remaining funding will come from a variety of other strategic and financial players. '
'With this bold investment initiative, we are sending a strong message to our clients, alliance partners and our employees that Andersen Consulting intends to lead in the new eEconomy,' said Joe Forehand, managing partner and CEO of Andersen Consulting.
Palo Alto-based Andersen Consulting Ventures will be headed by Jackson L. Wilson, who will direct the unit's investments in the electronic marketplace as well as initiatives for incubating new companies.
'Andersen Consulting Ventures will offer a significantly different venture capital option for promising start-ups,' said Wilson. 'In addition to the experience and knowledge we have gained through our more than 140 investments and alliances with dot-com companies, we will be able to leverage Andersen Consulting's scale, global presence and relationships with established industry leaders throughout the world.'
According to the firm, Andersen Consulting Ventures aggressively expands the firm's pioneering strategy of taking ownership stakes in independent Internet and emerging technology companies.
Recent examples of these equity investments include:
Covation, a joint venture with Bank of America to provide electronic-commerce-enabled business solutions to the healthcare industry;
ChemConnect, the internet's largest global chemicals and plastics exchange;
Snowdrops.com, a Swedish site offering exclusive beauty products;
Blue Martini, a provider of merchandising software for online businesses;
Calico, which provides eCommerce customer relationship solutions; and
Qpass, an eCommerce company that is revolutionizing content purchases on the Internet.
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