CarParts Technologies Closes $5 Million Funding Round; Funding to Enable Continued Growth and Development of Integrated eCommerce Platform for the Automotive Aftermarket

    SAN JUAN CAPISTRANO, Calif.--Sept. 17, 2002-- CarParts Technologies Inc., the leading provider of open, eCommerce software solutions for the automotive aftermarket, today announced it has closed its fourth round of funding from CMGI@Ventures, Rho Ventures, BEV Capital, Investor AB and St. Paul Venture Capital. The capital will be used for driving further sales growth, increased professional service resources and acquisitions.
    "CarParts Technologies has now developed a set of application solutions and assembled a staff that brings together a unique suite of eCommerce-enabled capabilities to help distributors, service chains and manufacturers improve revenues and profits in the automotive aftermarket," said David McCann, president & CEO of CarParts Technologies.
    "Even in the soft economy of 2002, we've captured new customers in more than 500 locations in the first half of the year and continue to increase our market share. We have delivered new application versions into the Michelin channel, into the Parts Plus Distribution Group and to major auto service chains across the USA -- we're also providing new services to three of the largest manufacturers in the industry."
    The investment comes on the heels of the company's recent March 2002 acquisition of the assets and staff of OpenWebs Corp., a leading provider of tire distributor and service chain eCommerce management application software for the tire distribution industry.
    This marks the fourth acquisition for CarParts Technologies in less than two years including Anderson BDG Corp., a leading auto service application provider, CR Computing Solutions Inc., a developer and marketer of business applications for warehouse distributors and jobbers, and AutoNet Inc., a provider of extranet and Web development services to groups of parts distributors.
    "This company has shown a sustained ability to innovate application capabilities sought by manufacturers, distributors and service chains in the automotive aftermarket. As this market is changed by the enabling technologies of the Internet, we believe CarParts Technologies can become the dominant provider of new applications that add new levels of efficiency, and so profits, to the extended supply chain of this market," said Peter Mills, managing partner at @Ventures.
    "We've been with CarParts Technologies from the earliest funding rounds and strongly support its vision for the future," said Mills.
    "This additional round of funding signifies the investment community's confidence in CarParts Technologies' value proposition to provide the automotive aftermarket eCommerce solutions that increase companies' overall operations and performance," said McCann.
    CarParts Technologies develops extended supply chain solutions as well as private eMarketing technologies that allow manufacturers, buyers and sellers of automotive parts, accessories and performance products to run their businesses more efficiently and conduct business with each other seamlessly. The company's core products include OpenWebs Intelligent Trading Server, OpenWebs Distributor Edition, Direct Step Warehouse Distribution Management System and VAST Auto Service Management System.

    About CarParts Technologies Inc.

    CarParts Technologies is the leading provider of extended supply chain software solutions for the automotive aftermarket. The CarParts Technologies eCommerce platform enables efficient online trade, integration and collaboration between B2B marketplaces, buyers, suppliers and commerce service providers.
    The solutions are used in more than 3,000 leading aftermarket outlets including tier 1 manufacturers, program groups, tire and service chains, warehouse distributors, jobbers and independent installers. CarParts Technologies' open, end-to-end solutions allow companies to generate new sales, operate more cost efficiently, accelerate inventory turns and maintain stronger relationships with suppliers and trading partners.
    Established in 1997, CarParts Technologies' complete suite of business solutions has delivered compelling returns on investment to customers across the entire aftermarket supply chain. With headquarters in San Juan Capistrano, CarParts Technologies has received venture capital funding from @Ventures, the affiliated venture capital arm of CMGI, Rho Ventures, BEV Capital, Investor AB and St. Paul Venture Capital.

    About @Ventures

    CMGI Inc. is comprised of CMGI operating businesses and investments made through its venture capital affiliate, @Ventures. @Ventures has made more than 65 venture capital investments. CMGI companies span a range of vertical market segments including e-business and fulfillment; enterprise software and services; and managed application services.

    Rho Ventures

    Rho Ventures is a New York-based venture capital firm with extensive investments in information technology, health care and telecom sectors. Since it was founded in 1981, the firm has invested in numerous companies including Active Power, Capstone Turbine, Ciena, Commerce One, Compaq Computer, Copper Mountain, Diversa, Human Genome Sciences, MedImmune and Versicor. Aggregate venture capital under management exceeds $1 billion. Additional information can be found at www.rho.com.

    BEV Capital

    Founded in 1997, BEV Capital is a unique venture capital firm that builds successful companies by integrating marketing and technology. BEV invests in all types of businesses, with particular emphasis on information technology and the consumer sector. The firm has more than $200 million in capital under management and has invested in more than 30 companies. BEV is based in Stamford, Conn.

    Investor AB

    Investor AB, Sweden's largest listed industrial holding company, is a long-term, active shareholder in a number of public global companies. Investor AB has a growing portfolio of private equity investments in companies operating primarily in the information technology and health-care sectors. Investor's net asset value amounted to approximately 87 billion SEK on June 30, 2002.

    St. Paul Venture Capital

    St. Paul Venture Capital is one of the largest early-stage venture capital firms in the United States with $3 billion in committed capital and offices in Boston, Minneapolis and Silicon Valley, Calif. The firm, founded in 1988, invests primarily in the areas of communications technology; software and services; and health care. Additional information can be found at the firm's Web site at www.spvc.com.

    Note to Editors: If you are interested in viewing additional information on CarParts Technologies, visit the Web site at http://www.carpartstechnologies.com.