WHITTMANHART, Inc. Announces Additional $25 Million in Financing


Led by Key Venture Partners and Ticonderoga Capital 

Chicago, Illinois – March 30, 2005 – WHITTMANHART, a leader in providing integrated solutions in digital communications, process improvement and enabling technologies, announced today the closing of $13 million in equity financing led by Waltham, MA-based Key Venture Partners and Ticonderoga Capital, with participation from existing investors Topspin Partners and Wheatley Partners and new investor Technology Investment Capital Corp. (NASDAQ: TICC).  In conjunction with the equity financing, Technology Investment Capital Corp. also provided $12 million of senior secured debt. This financing was used to acquire Columbus, Ohio-based Infinis, Inc., (www.infinisinc.com) and Philadelphia-based Insight Interactive Group, Inc. (www.insight-interactive.com) indicating the beginning of significant expansion for the company.  

“This is an exciting time for everyone involved with the WHITTMANHART family. Our continuing growth strategy will enable our firm to make a holistic and profound impact for every WHITTMANHART client. By accelerating our business planning with these strategic investments, the company is in great position to further expand our geographic presence and capitalize on the significant market growth we’re seeing across the board,” said Bob Bernard, CEO and President of WHITTMANHART. 

 The acquisitions significantly expand WHITTMANHART’s geographic presence by adding new offices in Columbus, OH, Nashville, TN and Philadelphia, PA.  Additionally, they add new capabilities for the company in online media, search engine marketing and ‘Business Technology Optimization.’ 

“WHITTMANHART brings significant domain expertise in digital interactive communications and performance management to its client base,” said David Dame, Managing Director of Key Venture Partners.  “They are able to deliver a consistently superior level of service,” continued Dame. 

“We are truly excited about the opportunity to work with Bob Bernard and his team. The acquisition of Infinis and IIG will enhance an already outstanding team of executives,” said James Vandervelden, Managing Partner of Ticonderoga Capital. 

“This financing brings several new well-established investors into WHITTMANHART, providing additional support for future growth, as well as new contacts and connections that will assist the expansion of the Company.  With the integration of Infinis and IIG, two acquisitions enabled by this financing, WHITTMANHART gains significant heft in the Midwest marketplace, and in its rapidly expanding INTERACTIVE services Division.  Topspin Partners is excited by the opportunities that this financing enables,” said Paul Wimer, WHITTMANHART Director and Managing Director of Topspin Partners LP.  

UBS Investment Bank acted as sole placement agent to WHITTMANHART in connection with the transaction. 

About Key Venture Partners

Key Venture Partners is a Waltham, MA-based venture capital firm that invests in expansion stage companies with capital-efficient business models.  They are committed to help young, venture stage companies as well as older, well-established companies realize the full potential of their growth opportunities in the software, communications and information technology (IT)-enabled services sectors.  With over 50 combined years of operating and investing experience, Key Venture Partners understands the unique challenges of expansion stage growth in these sectors.  For more information, visit www.keyvp.com.


About Ticonderoga Capital

Ticonderoga Capital is a Wellesley, Massachusetts-based, private equity firm with over $150 million of capital under management.   Ticonderoga invests in later stage technology-enabled business services, healthcare services and enterprise software firms.  Our capital is used to accelerate revenue growth, make acquisitions, or provide liquidity to shareholders.  Ticonderoga’s objective is to create long-term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga’s experience and capital to maximize their success. Our portfolio companies have access to the resources of our entire firm and we play an active advisory role in recruiting, strategic planning, negotiating and raising capital, advising on mergers and acquisitions, and accessing strategic or corporate partners. By providing these resources, the Ticonderoga team has been able to successfully invest in outstanding companies and increase their value significantly. For more information visit www.ticcap.com

About Topspin Partners

Topspin Partners is a $213 million, Long Island-based venture capital and private equity investment firm formed in August of 2000. Topspin is interested in providing growth capital to emerging technology businesses, primarily focused on enabling and infrastructure services, software and hardware, in addition to acquiring and/or providing growth capital to traditional businesses with solid fundamentals across a wide array of industries. The Fund’s investment team brings a broad spectrum of investment and general operating skill and experience to assist the development of its portfolio companies.  Topspin is the successor fund to the Long Island Venture Fund, a successful venture capital fund which began investing in 1995. The firm is an affiliate of Renaissance Technologies, a well-known manager of liquid assets. Funds under management by Renaissance include the Medallion Fund and Meritage Fund.  For more information, visit www.topspinpartners.com.

 About Wheatley Partners

Wheatley Partners is a New York-based private equity firm focused primarily on technology-related companies at all stages of development.   Since inception, Wheatley Partners has invested in over 150 private companies, most through multiple rounds of financing.   

About Technology Investment Capital Corp.

TICC is a publicly traded business development company principally engaged in providing capital to small to mid-size technology-related companies. While the structures of TICC’s financings vary, TICC looks to invest primarily in the debt and equity of established technology-related businesses.  For more information, visit www.ticc.com.

 About UBS Investment Bank

UBS is a global investment banking and securities firm with a strong institutional and corporate client franchise. Consistently placed in the top tiers of major industry rankings, it is a leading player in the global primary and secondary markets for equity, equity-linked and equity derivative products. In fixed income, it is a first-rate global player. In foreign exchange, it places first in many key industry rankings. In investment banking, it provides first-class advice and execution capabilities to its corporate client base worldwide. All its businesses are sharply client-focused, providing innovative products, top-quality research and comprehensive access to the world's capital markets 


Headquartered in Chicago, WHITTMANHART is a premier services company providing integrated solutions in digital communications, process improvement and enabling technologies. WHITTMANHART draws on over 20 years of quality work, strong client relationships and value-driven solutions for focused industries to deliver best-in-class solutions to all our clients. WHITTMANHART currently has three major business divisions: Interactive, Performance Management and Managed Hosting. To learn more about any of these divisions, please visit their website at www.whittmanhart.com.


 Melanie Rendleman, WHITTMANHART, Inc.




Dereka Cunningham, Key Venture Partners




James Vandervelden, Ticonderoga



Lawrence Wagenberg, Wheatley Partners

Matthew D. Bass, Technology Investment Capital Corp.




Paul Otto Wimer, Topspin Partners LP




Topspin Partners, LP

Three Expressway Plaza
Roslyn Heights, NY 11577

Tel: +1 516 625 9400
Fax: +1 516 625 9499


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