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Appnet Systems Gets $100 Million Investment

Electronic commerce services company AppNet Systems Inc. in Bethesda, MD said it received a $100 million venture capital investment from GTCR Golder Rauner LLC of Chicago.

GTCR's commitment will enable AppNet to leverage the equity infusion with debt capital to pursue an aggressive growth strategy, the company said.

Phil Canfield, a principal with GTCR and a member of the AppNet board of directors, said: "The $100 million commitment we made to AppNet CEO Ken Bajaj and his team illustrates our confidence in Ken's ability to build the premier company in the e-commerce industry. Our capital will allow AppNet the financial flexibility to pursue acquisitions . . . We are actively working with AppNet in sourcing, structuring and closing numerous acquisitions and we look forward to supporting AppNet."

Said Bajaj: "The funding gives us an edge in acquiring additional resources to supplement our capabilities worldwide."

AppNet's primary focus is on the business-to-business sector, offering companies a way to integrate e-commerce capabilities into their existing technical architectures and legacy applications; a way to guarantee the integrity of the transactions; and an outsourced transaction processing service for order and payment processing, multiple currencies, fulfillment, reporting and customer service.