For Immediate Release:
 

SpaceWorks Raises More Than $15M in Mezzanine Round

GE Equity Takes Leading Investment Stake

Rockville, MD -- February 18, 2000 -- SpaceWorks, Inc.®, the leading business-to- business sell-side Web commerce software company, today announced that it has completed a mezzanine round of financing, securing a total of $15.3 million from leading corporate and merchant banking investors. GE Equity led the round and secured a seat on SpaceWorks Board of Directors. Columbia Capital, SpaceWorks majority investor, provided the balance. Specific terms of the deal were not publicly disclosed.

"This investment demonstrates the growing interest in B-to-B e-Commerce and in SpaceWorks," said SpaceWorks President and CEO, Dave MacSwain.

SpaceWorks plans to expand sales and marketing efforts in North America as well as entry into Europe. The funds also will be used to further enhancements to SpaceWorks Web BusinessManager Suite, as well as enable additional efforts to engage in strategic partner alliances worldwide.

About SpaceWorks
SpaceWorks, Inc.® drives billions in B2B revenue today for Global 2000 manufacturers, distributors and supplier-driven marketplaces. SpaceWorks industrial-strength application, the Web BusinessManager Suite, automates all the mission-critical activities involved in B2B selling, including ordering, marketing, billing and more. The solution integrates with back-end systems, e-Marketplaces and customer procurement networks to enable real-time, revenue-generating transactions. SpaceWorks clients include Avaya, BF Goodrich, GE Aircraft Engines, and Maytag Corporation, among others. Alliance partners include PricewaterhouseCoopers, webMethods, Commerce One and more. Additional information is available at www.spaceworks.com.

About GE Equity
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of more than US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. For more information visit www.geequity.com.

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