SOURCE: ICG Commerce

September 18, 2006 08:30 ET

ICG Commerce Appoints Two Recognized Leaders to Top Executive Positions

Former SEI Executive Carl Guarino Named CEO; Michael Zisman Named Chairman of the Board

PHILADELPHIA, PA -- (MARKET WIRE) -- September 18, 2006 -- ICG Commerce, a leading procurement services provider, today announced the appointment of Carl Guarino as Chief Executive Officer. Guarino will lead ICG Commerce in its mission to help forward-thinking companies increase control over their spending, enhancing their capacity to reduce costs and add value to their enterprises. The company also announced that Dr. Michael Zisman will assume the role of Chairman of the Board.

"Joining a market leader that is solely committed to enabling leading companies to maximize the value and impact of their procurement efforts is a very exciting opportunity," said Guarino. "By bringing together a unique combination of sourcing expertise and an operational infrastructure, no company is better positioned to help customers reduce costs and increase competitiveness."

Guarino brings extensive experience in guiding the strategic development and growth of companies into global enterprises. Prior to joining ICG Commerce, he was Executive Vice President with SEI Investments, a leading global provider of outsourced asset management, investment processing and investment operations solutions. During his 18-year tenure, he significantly expanded the company's asset management division and led the organization's entrée into global markets, driving significant growth through joint ventures and acquisitions. His experience also encompasses the management of successful outsourcing relationships and optimization of operational businesses.

Zisman was elected Chairman of the Board after serving on the ICG Commerce board since 2004. His extensive knowledge of and experience in successful enterprise expansion and development is based in both corporate and entrepreneurial experience. Zisman served as Vice President Corporate Strategy at IBM, as well as CEO of Lotus Development Corporation and Founder of Soft-Switch, which was acquired by Lotus in 1994. Most recently, he launched Wayne Strategy Consultants, working closely with Internet Capital Group in the capacity of managing director and board member.

"We are very excited to welcome Carl to ICG Commerce and to have Mike more involved in his new role as Chairman," said Walter Buckley, CEO of Internet Capital Group, a primary investor in ICG Commerce. "They are both seasoned executives and proven business leaders whose depth and breadth of experience with corporate strategy and globalization within the outsourced services industry will help ICG Commerce and its customers reach new levels of success."

About ICG Commerce, Inc.

ICG Commerce ( is a leading Procurement Services Provider exclusively focused on helping companies achieve greater control over external expenditures. The company offers procurement outsourcing solutions to support sourcing, transactional buying, category management and information management in order to enable customers to expand the breadth of spend they manage, enhance sourcing effectiveness, improve compliance levels and drive continual improvements. By working with dozens of leading procurement organizations, ICG Commerce brings execution-based and continuously growing compound experience to every customer. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (NASDAQ: ICGE) network of partner companies. The company has been recognized with numerous industry awards including IAOP and Fortune Magazine's Global Outsourcing 100, Forbes "Best of" (for Outsourcing and Procurement) and has had multiple executives recognized in Supply & Demand Chain Executive magazine's annual "Pros to Know" listing.

About Internet Capital Group

Internet Capital Group ( ) owns and builds Internet software companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering on-demand software and service applications to customers worldwide.

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