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Computer industry

Compaq and CMGI Launch Joint Venture Freeup for Internet-Based Employee Services

Strategic Insights

— 2 min read

Compaq Computer Corporation and CMGI, Inc. have announced the creation of Freeup LLC, a joint venture that will provide best-in-class products, services, and information for vertical employee groups. At the helm of Freeup will be Mia Shernoff, who joins from Aon Corporation, where she was Executive Vice President and Managing Director of the firm's e-business services portfolio. Freeup will launch a business-to-employee (B2E) web destination called Freeup.com, aggregating information and tools into task-specific subject areas to simplify work processes and increase productivity. Initial funding from the parent companies totals approximately $20 million.

Key Takeaways:

  • Freeup LLC is a joint venture between Compaq Computer Corporation and CMGI, Inc., with Compaq holding a controlling interest and CMGI holding the remaining stake.
  • Mia Shernoff has been appointed as the Chief Executive Officer of Freeup, bringing her expertise in creating and implementing new business strategies.
  • Freeup.com, a business-to-employee (B2E) web destination, will provide aggregated information and tools for task-specific subject areas, aiming to simplify work processes and increase productivity.
  • Initial content on the site will target the information technology employee community, with subsequent content targeting additional employee segments.
  • Freeup will derive revenues through a combination of subscriptions, advertising, and sales of goods and services.
  • Initial funding from the parent companies totals approximately $20 million.
  • Freeup will leverage Compaq's Internet technology and leadership in the worldwide PC market, as well as CMGI's Internet expertise, to provide products and services from a diverse group of alliances and content providers.
  • Freeup will utilize technology support from various CMGI network companies, including NaviSite, CMGI Solutions, and Engage, among others.
  • Compaq's Appleton and Menlo Park offices will serve as its main operations for web strategy, development, and integration services.
  • CMGI's network of operating companies and investments includes companies like Engage, NaviSite, 1stUp.com, Activate, and AdForce, which will be leveraged to support Freeup.com.

Statistics:

  • Initial funding from the parent companies totals approximately $20 million.
  • Freeup will leverage Compaq's Internet technology and leadership in the worldwide PC market.
  • The expected launch date for Freeup.com later this year.
  • Freeup will target information technology employee communities initially, with subsequent content targeting additional employee segments.
  • Freeup will utilize technology support from various CMGI network companies.
  • 24x7 web access to products and services from diverse group of alliances and content providers, including Intel, Microsoft, CNET Networks, Commerce One, DigitalThink, and Intraware.

Sources:

  • PRNewswire
  • Compaq Computer Corporation
  • CMGI, Inc.
  • CMGI @Ventures

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