Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Former Excite@Home chairman and CEO joins rebate company that features more than 70 online retailers in its network.
Upromise Inc., which offers consumers rebates for shopping at certain e-retail sites and buying certain consumer goods, has named George Bell its chief executive officer. Bell is former chairman and CEO of Excite@Home. He succeeds founder Michael Bronner, who will remain chairman of Upromise. Upromise pays its consumer rebates into college savings funds.
"The Upromise vision is to make a college education affordable and accessible for all American families," said Bronner. "This vision requires that Upromise continue to scale and evolve its service to meet the needs of millions of families with its innovative solution to the national college savings crisis. I am honored that George has chosen to join our team. His experience in consumer businesses and direct marketing, as well as his overall leadership skills, will ensure that Upromise can realize its full potential."
During his five-year tenure at Excite@Home, Bell shepherded the company through massive growth, evolving from 23 employees to more than 3,000 worldwide, and led the $7 billion 1999 merger of Excite and @Home. As of March 2001, Excite@Home had 110 million registered Excite Network users and more than 3.2 million broadband subscribers.
Upromise and its contributing companies plan to launch a major marketing campaign to enroll consumers in Upromise. Upromise`s contributing companies include more than 70 online shopping sites.