Monday Merger Mania

AppliedTheory + Cordada
Group
, E Com Ventures + perfumania.com, Enron + WarpSpeed Communications, ePresence +
SND
, Hi/fn + Apptitude,
MedicaLogic + Medscape,
Total eMed
, Politics.com + LobbyForMe.com,
PoliticalWag.com
, PopMail.com + Fan
Asylum
, Razorfish + Limage Dangereuse, Save.com + MyCoupons.com, DirectCoupons.com, TMP Worldwide + VirtualRelocation.com, Wit Capital +
E-Offering
































 Hi/fn (HIFN) acquires Apptitude

 

  
* 
Amount:
         $42
million

 

  
* 
Terms:
           
cash and stock

 

  
* 
Premium:
        1.2 million
shares/$20 million cash

 

  
* 
Industry:
        Internet
services

 

  
* 
Scorecard:
      B

 



    LOS GATOS, May 15–Network security company Hi/fn announced plans to acquire Apptitude, which provides
    Internet traffic analysis for developers of network infrastructure devices,
    for around $42 million in cash and stock. Los Gatos-based Hi/fn said it would exchange around 1.2

    million shares of its common stock and $20 million in cash for
    privately-held Appitude.


     

 
































 TMP Worldwide (TMPW) acquires
VirtualRelocation.com

 

  
* 
Amount:
         $56
million

 

  
* 
Terms:
           
947,916 shares/$726,000 cash

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        Internet
services

 

  
* 
Scorecard:
      B+

 



    NEW YORK, May 15–TMP Worldwide , provider
    of global recruitment solutions including the dominant Internet career
    portal, Monster.com, and the world’s largest Yellow Pages
    advertising agency today announced the acquisition of
    VirtualRelocation.com. This acquisition will serve TMP as the
    cornerstone of a new Moving Center that will be integrated into the Monster.com homepage. TMP has issued
    947,916 shares of common stock for all of the outstanding shares of VirtualRelocation.com and has
    paid approximately $726,000 to certain shareholders who chose to receive
    cash in lieu of shares. In addition, outstanding options to acquire Virtual
    Relocation common stock were converted into options to acquire up to 94,885
    shares of TMP common stock.


    The acquisition of VirtualRelocation.com and TMP’s creation of the new
    Moving Center extends the Monster.com online recruitment brand into the
    moving services marketplace.


     

 






< /TR>

























 Razorfish (RAZF) acquires Limage
Dangereuse

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Consultants/Designers

 

  
* 
Scorecard:
      C+

 



    AMSTERDAM, May 15–Razorfish , the global
    digital solutions provider announced the acquisition of Limage
    Dangereuse
    , the award winning visual communications agency based in
    Rotterdam. Razorfish established its
    presence in the Netherlands last year, and has rapidly grown its Amsterdam
    office to over 50 people. The combination with Limage Dangereuse will increase
    its headcount to nearly 70 people.


     

 
































 MedicaLogic, Medscape and Total eMed shareholders
agree to merge

 

  
* 
Amount:
         n/a

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

&nbsp


* 
Industry:
       
Content/Communities

 

  
* 
Scorecard:
      C+

 



    HILLSBORO, May 15–Shareholders of MedicaLogic and Medscape approved the merger of
    the two companies at special meetings held earlier today. The merger is
    expected to be completed by May 22, 2000 and will trade on the NASDAQ
    National Market under the symbol MDLI.


    The proposed transactions, announced on February 22, will create
    MedicaLogic/Medscape, bringing together MedicaLogic, the nation’s leading
    provider of online health records; Medscape, the premier source of
    authoritative health, news and medical information on the Internet; and Total eMed, the first provider of
    Web-based transcription services designed for ambulatory care physicians.


     

 
































 Wit Capital (WITC) acquires E*Trade’s (EGRP)
E-Offering

 

  
* 
Amount:
         $328
million

 

  
* 
Terms:
           
32 million shares

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        Financial
services

 

  
* 
Scorecard:
      A-

 



    NEW YORK, May 15–Wit Capital Group said
    it would buy rival online investment bank E-Offering for $328

    million in stock, signaling consolidation in the Internet-based financial
    services industry. Wit Capital will
    issue 32 million shares for the acquisition. E-Offering’s major shareholder, No. 2
    U.S. online brokerage E-Trade Group , will book a
    $50 million gain on the deal, which is expected to close in the third
    quarter, according to E-Trade officials.


    As part of the transaction, E-Trade of
    Menlo Park, Calif., will buy the retail brokerage arm of Wit Capital’s Wit
    SoundView division, which has about 100,000 accounts, and also buy 2
    million Wit shares, worth $20.5 million. This would give E*Trade’s 2.6
    million customers access to research and the opportunity to buy new stock
    issues. Wit would become E*Trade’s source for new and follow-on stock
    offerings.


     

 
































 Enron (ENE) acquires WarpSpeed
Communications

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Speed/Bandwidth

 

  
* 
Scorecard:
      A-

 



    HOUSTON, May 15–Enron Broadband Services, a wholly owned
    subsidiary of Enron Corp. , announced the
    acquisition of WarpSpeed Communications, a provider of on-demand
    switched connectivity to business enterprises. The WarpSpeed acquisition is being made
    within Enron Broadband Services’ current
    capital expenditures and financial plan. WarpSpeed, a Pleasanton,
    Calif.-based company comprised of 55 employees, now operates as a division
    of Enron Broadband Services.


     

 
































 ePresence (BNYN) acquires SND

 

  
* 
Amount:
         $30.5
million

 

  
* 
Terms:
           
221,713 shares/$17.5 million cash

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Consultants/Designers

 

  
* 
Scorecard:
      C+

 



    WESTBORO, May 15–ePresence announced the
    acquisition of SND, Inc., a highly complementary addition to its
    rapidly growing e-services business. SND, a privately owned company located in
    Clark, New Jersey which delivers Customer Relationship Management
    solutions. By combining these capabilities with ePresence’s web design, development and
    infrastructure services, the company offers an ideal portfolio of
    Internet-based solutions for clients seeking to build highly personalized
    relationships with their customers, business partners and employees.


    The acquisition was completed for total consideration of $30.5 million,
    consisting of $17.5 million in cash, 221,713 shares of ePresence common
    stock and a one-year earn-out of $10.0 million contingent on performance.
    ePresence, Inc., formerly Banyan Worldwide, has reserved the NASDAQ stock
    ticker symbol EPRE. The Company expects to change its symbol from BNYN to
    EPRE by June 15, 2000.


     

 































 AppliedTheory (ATHY) acquires Cordada
Group

 

  
* 
Amount:
         $16
million

 

  
* 
Terms:
           
100% stock

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Consultants/Designers

 

  
* 
Scorecard:
      B-

 



    NEW YORK, May 15–AppliedTheory , a
    provider of end-to-end e-Business Solutions, announced that it has reached
    an agreement to acquire the privately-held Cordada Group, a
    Seattle-based e-Business Solutions firm. AppliedTheory has agreed to
    purchase Cordada for approximately $16
    million in stock. The company expects the acquisition to close within the
    next thirty days.


     

 
































 E Com Ventures (ECMV) acquires
perfumania.com

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        E-tailers

 

  
* 
Scorecard:
      C

 



    MARLBORO, May 15–Envision Development Corporation , the emerging leader in Web-centric transactive technologies and
    eBusiness solutions, announced that the company has sold its wholly owned
    subsidiaries, perfumania.com
    and PostaCard.com, to E
    Com Ventures
    . E Com Ventures already owns
    approximately 270 brick-and- mortar stores through its wholly owned
    subsidiary, Perfumania Marketing. The terms of the transaction are not
    being disclosed at this time.


     

 
































 PopMail.com (POPM) to acquire Fan
Asylum

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
        Internet
services

 

  
* 
Scorecard:
      C-

 



    DALLAS, May 15–PopMail.com , a
    permission- and affinity-based content and e-mail marketing company,
    announced it has signed a letter of intent to acquire San Francisco-based
    Fan Asylum, which manages fan clubs for 14 bands and solo artists,
    including Aerosmith, Whitney Houston, Lenny Kravitz and Nsync, in an
    all-stock transaction. PopMail.com did
    not dislose the terms of the Fan
    Asylum
    acquisition.


     

 
































 Politics.com (POCO) merges with LobbyForMe.com,
PoliticalWag.com

 

  
* 
Amount:
        
Undisclosed

 

  
* 
Terms:
           
n/a

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Content/Communities

 

  
* 
Scorecard:
      B+

 



    TEMPE, May 15–Webby Award Winner, Politics.com announced an agreement in principal to merge with
    LobbyForMe.com. LobbyForMe
    recently acquired Politics1.com and has
    reached an agreement to acquire PoliticalWag.com. Politics.com is aggressively seeking
    other mergers or acquisitions toward its overall goal of building a one
    stop portal for politics. The company plans to integrate all technology
    under the Politics.com domain name.


     

 






























News Around the Web


 Save.com acquires MyCoupons.com,
DirectCoupons.com

 

  
* 
Amount:
         $23
million

 

  
* 
Terms:
           
cash + marketing

 

  
* 
Premium:
        n/a

 

  
* 
Industry:
       
Content/Communities

 

  
* 
Scorecard:
      n/a

 



    PITTSBURGH, May 15–DirectStuff.com, an online advertising
    firms, announced today the sale of two of its Web sites,
    MyCoupons.com and DirectCoupons.com to Save.com for a
    two-year cash and marketing alliance valued at $23 million. MyCoupons.com is a consumer site that
    provides coupons, while DirectCoupons.com is a weekly email
    publication. DirectStuff.com will
    continue to manage both sites, as well as Save.com’s Web site, an online distributor
    of consumer packaged goods coupons whose primary investor is coupon
    industry giant Valassis Communications .