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CONTACT INFORMATION
FOR IMMEDIATE RELEASE
Leading Utility ASP Acquired
by Investment Group
BEND, OR., March 2, 2000 - Orcom Solutions, the
largest Application Service Provider (ASP) of billing and customer
care services to the utility and energy industry, was acquired today
by LiveWire Utilities, L.L.C., a newly formed company organized
by Steven Price and Stuart Rosenstein. LiveWire Utilities principal
outside investors include: affiliates of Thomas H. Lee Company,
The Blackstone Group, EnerTech Capital Partners, Waller-Sutton Media
Partners, and Mellon Ventures.
"Orcom’s new investors bring the financial and strategic resources
to position the company for significant growth opportunities in
the billing and customer care services arena," said Drew Child,
Orcom President and Chief Operating Officer.
Orcom is the largest ASP of software delivery and hosting and business
process management services to utilities and energy providers, delivering
billing and customer care services to more than 1.2 million customers.
As an ASP, Orcom is a full service partner that manages its own
software, developed specifically for the industry, as well as the
hardware and network to Deliver it. The ASP business model has gained
rapid acceptance in the technology arena because it allows companies
to focus on core business competencies by outsourcing technology
management functions for non-core business functions. Orcom, an
IBM business partner, is an ASP Industry Consortium member.
"We believe the changes in the utility and energy services
market demand a new approach to Delivering customer information
solutions," Child said. "Our ASP package is designed around
what our clients need, and with the backing of a group of extremely
prestigious private equity investors, we now have the financial
resources to expand our presence in the market place."
"Our investment is based on our confidence in Orcom as a company
and our belief in the future of the ASP business model in the utility
industry," said Steven Price, Chief Executive Officer of LiveWire
Utilities. "This technology approach has been growing in other
industries with exceptional success, primarily because it aligns
the technology provider with the client – both want lower costs,
faster implementation, process improvement and technology enhancement.
Orcom understands this approach better than any other company, and
is the most strategically positioned to provide this expertise to
the utility industry."
About Orcom Solutions
Orcom Solutions is headquartered in Bend, Oregon, with an office
in Denver. Its ASP services are delivered from its customer service
center in Scottsbluff, Nebraska, which also provides business process
management services including call center and customer care, remittance
processing, bill print, and credit and collections services. Orcom
currently has more than 500 employees.
About LiveWire Utilities
LiveWire Utilities is a LiveWire company. LiveWire is a diversified
software and Internet company focused on business-to-business and
mission critical software products and services for media, telecom,
utility, and new media companies. Among other LiveWire investments
and affiliates are H.O. Systems, a leading provider of billing,
customer care and e-business solutions to the telecom industry;
Enterprise Software, the premier provider of advertising traffic
and program management solutions to broadcast and cable operators;
and GiantBear.com, a web to wireless information and content management
exchange.
About Thomas H. Lee Company
Thomas H. Lee Company, one of the oldest and most successful private
equity investment funds in the U.S., has invested approximately
$4 billion of equity capital in more than 90 businesses since 1974.
About The Blackstone Group
The Blackstone Groupis a New York-based private investment bank
founded in 1985 and is active in principal investing, real estate
investing, mezzanine investing, liquid alternative asset management,
mergers and acquisitions advisory, and restructuring and reorganization
advisory.
About EnerTech Capital Partners
EnerTech Capital Partnersis a private equity partnership affiliated
with Safeguard Scientifics (NYSE: SFE) and its related venture capital
group, TL Ventures. Investments are principally in electric, gas
and water utilities and telecommunications companies.
About Waller-Sutton Media Partners
Waller-Sutton Media Partnersis a private equity firm established
to develop a diversified portfolio of private equity investments
in growth companies involved in the media, communications and entertainment
industries.
About Mellon Ventures
Mellon Ventures, an affiliate of Mellon Financial Corporation, has
invested over $500 million in direct equity investments and private
equity limited partnerships. Mellon Ventures has offices in Pittsburgh,
Philadelphia, Atlanta, and Los Angeles.
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