CHARLOTTE, N.C., Aug. 16 /PRNewswire/ -- First Union Corporation's
(NYSE: FTU) eVentures group announced today that it has led a $21 million
equity financing for Arcot Systems, Inc. (http://www.arcot.com ). David Carroll,
First Union's Executive Vice President and Chief E-commerce Officer, will
serve on Arcot's Executive Advisory Board.
First Union's eVentures group makes strategic equity investments in
emerging, Internet-related technology companies. The eVentures group has
invested $7 million in Arcot, leading a group of investors that includes ONSET
Ventures, Accel Partners, Raza Ventures, Oracle Ventures, and Novell, Inc.
"Arcot's unique, convenient and mobile secure digital identity solutions
address a real security need in the e-commerce marketplace," said Don MacLeod,
Executive Vice President of the eVentures Group. "They have a strong
management team that has established an impressive list of customers in their
key vertical markets, and the company is poised to capture a significant
portion of a large and growing market."
Arcot Systems, Inc. provides secure digital identity solutions to leaders
in a variety of industries, including online commerce, financial services and
healthcare industries. Arcot's software-based solutions provide any-device,
anywhere, anytime capabilities for users that demand convenience and mobility.
Arcot technology is significantly more secure than existing user ID/password
solutions without the burden of smart cards, tokens, or other hardware.
"Arcot is honored to have First Union as the lead investor. We also
value the advice and counsel of David Carroll as a member of our Executive
Advisory Board," said Chet Silvestri, President and CEO of Arcot Systems.
"First Union has a proven track record of selecting corporations that have
become industry-leaders. Their support of Arcot technology will help us
accelerate our business strategy of broadly deploying secure digital identity
solutions."
First Union recently announced that it licensed Arcot Secure Digital
Identity to enhance user privacy and confidentiality of web-based financial
services.
About Arcot Systems
Arcot Systems, Inc., located in Santa Clara, CA, provides secure digital
identity solutions to ensure privacy and reduce fraud in enterprise and
Internet transactions. Only Arcot can provide a software-based solution with
any-device, anywhere, anytime capabilities for users that demand mobility,
security and convenience. For more information, please see the web site
http://www.arcot.com , contact us at 408-969-6100 or e-mail at info@arcot.com .
About First Union
First Union, with $258 billion in assets and stockholders' equity of
$14 billion at June 30, 2000, is a leading provider of financial services to
15 million retail and corporate customers throughout the East Coast and the
nation. The company operates full-service banking offices in 12 East Coast
states and Washington, D.C., and full-service brokerage offices in 41 states
and international offices worldwide. Online banking products and services can
be accessed through http://www.firstunion.com .
First Union's eVentures Group makes strategic investments in emerging
Internet-related technology companies. This enables First Union to gain early
or exclusive access to new technologies and markets, expand Internet products
and services, and increase web presence and distribution channels.
SOURCE First Union Corporation
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Related links:
http://www.firstunion.com
CONTACT:
Christy Phillips of First Union Corporation,
704-383-8178, or Christy.Phillips@firstunion.com , or Marv
Burkett of Arcot Systems, Inc., 408-969-6102, or marv@arcot.com ,
or Bruce LeBoss of ChipShots, Inc., 408-541-8744, or
leboss@chipshots.com
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