June 24, 2002, 12:00 AM

Trading network GE Global eXchange Services gets a new owner

Francisco Partners, a technology buyout fund, has agreed to buy GE Global eXchange Services, a business-to-business e-commerce newtork owned by General Electric Co.

Francisco Partners, a technology buyout fund, has agreed to buy GE Global eXchange Services, a business-to-business e-commerce newtork owned by General Electric Co. The transaction is expected to close by Oct. 31. Harvey Seegers, president and CEO of GE Global eXchange Services, will continue to lead the company. GE will retain a 10% ownership stake in GXS.

Francisco Partners says it expects GXS to acquire other e-commerce companies. GE Global eXchange Services has more than 100,000 trading partners in its network, including more than 60% of the Fortune 500 and their respective supplier communities. "Global eXchange Services is the premier B2B e-commerce company in the world today and enjoys a rich history of more than 35 years leading the development of this market," said David Stanton, a partner at Francisco Partners. "Francisco Partners will provide GXS with the support necessary to acquire other electronic commerce solution companies in the future, as well as attract and retain key talent to accelerate its growth."

GE said the exchange no longer fits the company’s core services or growth strategies.

Francisco Partners specializes in buyout and recapitalization investments in technology companies. Francisco Partners says the transaction places the value of GXS at $800 million. It will become part of the portfolio of technology businesses owned by Francisco Partners.

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