Hong Kong, September 28, 2000
Doubles size of chinadotcom's e-business solutions business in Japan
— chinadotcom corporation [NASDAQ: CHINA; Website: www.corp.china.com], the leading pan-Asian integrated Internet company, announced the acquisition of Venex Corporation, a leading e-business integrator in Japan. The Venex transaction is the second Japan-focused acquisition by chinadotcom corporation subsidiary, Web Connection, this year following the purchase of TKAI Inc. in February. This transaction reinforces Web Connection as a leading provider in the Asia Pacific region of e-business strategies and solutions and helps extend its growing wireless practice.
Venex was an early entrant in Japan's e-business solutions market, having started its interactive services business in 1995. Since then, Venex has helped many of Japan's leading companies, including those in the NTT DoCoMo, Sony and NEC groups, with bringing their businesses online. Adding Venex's local client base and leadership to Web Connection's regional and global footprint will further strengthen chinadotcom's position as the leading pan-Asian Internet company.
Over the coming months, the Japan operations and management team of Venex will be merged with those of Web Connection. Web Connection has 1,000 employees across eight countries, which uniquely positions the company to provide global solutions to its clients and to bolster its already thriving wireless practice. While the Internet is still in a very early stage of development in the Asia Pacific region, Web Connection through this acquisition expects to help accelerate the growth of e-commerce in the region.
CEO of chinadotcom corporation Peter Yip said, "As the world's second largest economy, and as a world leader in mobile data services and commerce, Japan is a top strategic priority for us as we pursue our plan of becoming Asia's leading Internet and e-business company. With this acquisition, we accelerate the growth in our e-business solutions unit, while further developing our interactive advertising unit and portal network through the expansion of our client base."
Added Steve McKay, Web Connection's President and Chief Operating Officer, "Web Connection entered the Japan market 18 months ago and has had great success. However, the opportunity to partner with Venex's founder, Mr. Kouo, and his talented team offers a tremendous opportunity to catapult our position in one of the world's largest markets. We have been working with Venex throughout the year on joint projects and other integration activities leading to this event. Our leadership team has known Mr. Kouo for 15 years, so this transaction is very natural for both parties."
"This is a rare opportunity for Venex to combine forces with a market leader such as Web Connection and its parent company chinadotcom. Our local contacts, experience and client base combined with Web Connection's multinational clientele and regional leadership immeasurably strengthens our market position in Japan and across the globe," said Venex's Mr. Kouo.
Recognizing early on that Japan was a key growth country due to the breadth and maturity of its Internet market, chinadotcom has launched its wholly-owned e-marketing subsidiary, 24/7 Media Japan, and also formed strategic alliances with Japanese companies like Softbank and Trans Cosmos. While the recovering Japanese economy may still experience potential downturns in the short term, chinadotcom is still committed to expanding its presence in Japan both through synergistic investments and organic growth.
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About chinadotcom corporation
chinadotcom corporation (NASDAQ: CHINA) is a leading pan-Asian integrated Internet company offering web solutions, portal and online marketing services. Through its three business units, chinadotcom provides a full range of Internet services around the Asia Pacific region that; 1) build e-business strategies and solutions (Web Connection), 2) distribute content via its portal network platform (china.com, cww.com, hongkong.com, and taiwan.com), and 3) sell services through online marketing (24/7 Media Asia Limited).
Fuelling the growth of each of these three business units is a synergistic investment strategy that leverages on chinadotcom's existing operational and cost infrastructure.
The company has offices in more than ten markets, including Japan, Korea, Australia, China, Hong Kong, Taiwan, Singapore, Thailand, Malyasia, and the USA. For more information about chinadotcom corporation, please visit www.corp.china.com
About Web Connection
Established in Hong Kong in 1995, Web Connection is Asia's leading e-business integrator and offers Internet strategies and solutions for major corporations that recognize the power of the Internet as a business platform and customer relationship management channel. Web Connection brings together a rare blend of core competencies - digital strategy, technology integration, creative design and e-marketing - which represents the core ingredients of a winning e-business solution.
Major clients include HSBC, GE, Cathay Pacific, Mandarin Oriental Hotel Group, KLM, IBM, Epson, Samsung and Cisco Systems. Web Connection has 1,000 staff in offices in Hong Kong, China, Singapore, Japan, Taiwan, Korea, USA and Australia. For more information, please visit www.twc-asia.com
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