Supply Chain Leaders CorMine and Perfect Commerce Announce Merger

Business Wire, July 20, 2007

Newly Combined Company Brings Customers World-Class SaaS Sourcing and Procurement Solutions; Drives Efficiencies and Cost-Savings that Outpace Industry

HAMPTON, Va. and KANSAS CITY, Mo. -- Last graph before boilerplate, sixth sentence of release should begin with: JLM Ventures of Portsmouth (VA) (sted JRM Ventures of Portsmouth (VA).

The corrected release reads:

SUPPLY CHAIN LEADERS CORMINE AND PERFECT COMMERCE ANNOUNCE MERGER

Newly Combined Company Brings Customers World-Class SaaS Sourcing and Procurement Solutions; Drives Efficiencies and Cost-Savings that Outpace Industry

CorMine, a specialty procurement outsourcing firm that focuses on engineered materials, capital equipment, and maintenance, repair and operations (MRO) materials today announced its merger with Perfect Commerce, a leading provider of world-class Spend Management Solutions and The Open Supplier Network.* The new, privately held entity, that has nearly $100 million in combined revenue and serves over two hundred customers in more than two dozen countries, will operate under the Perfect Commerce name, and will be headquartered in Hampton, Virginia.

Hampton Wall, president and chief executive officer (CEO) of CorMine, will lead the newly merged company as president and CEO. John R. Sharman, Jr., president and CEO of the previous Perfect Commerce, has taken a leadership position on the newly formed board of directors. Under Sharman's leadership, Perfect Commerce established key strategic relationships with IBM, Infosys and The Tagos Group and implemented significant operational efficiencies and controls. The new company has a staff of approximately 150 and operates 10 offices in North America, Europe and Asia.

"For the past several years, CorMine and Perfect Commerce, through its Commerce One, Purchase Pro, Pantellos and other brands, have been innovators and partners in the procurement and spend management space, leveraging outstanding relationships with partners such as IBM and others," said Wall. "This merger brings unparalleled depth and breadth of technology and service offerings to existing and prospective customers -- a one-stop, world-class solution for all of their sourcing and procurement needs."

"This is a logical evolution in the development of Perfect Commerce. Leveraging the capabilities of CorMine, the new Perfect Commerce can offer a broader footprint of services that is unrivaled in the industry," said Jason Wright, partner of Apax Partners, a global private equity firm.

Founded in 2001, CorMine has been known as a procurement operations business and sourcing solutions provider for companies such as IBM, Hitachi, John Deere, Lexmark, Freescale and Smithfield Foods, Inc. CorMine has sourced hundreds of millions of dollars annually and enjoys a 100 percent customer retention rate. It recently achieved an unprecedented 94 percent customer satisfaction rating from IBM.

Perfect Commerce was founded in 2000 and has grown to be the largest provider of On-Demand Spend Management solutions. The company is the leading On-Demand SRM solutions provider with more than 200 clients (101 in the Fortune 500), 200,000 users and 11,500 suppliers. Perfect Commerce serves a wide variety of industries, including chemicals, retail, energy, financial services, food products, health/medical, hospitality, manufacturing, technology and transportation. Perfect Commerce's acquisitions over the past five years include CommerceOne, Pantellos and Purchase Pro. Perfect Commerce's principal financiers, Apax Partners of New York and Mobius Venture Capital of Boulder (CO), are committed to the new entity. JLM Ventures of Portsmouth (VA) is a new investor. The merger was managed for CorMine by the investment banking arm of Cary Street Partners of Richmond (VA) and for Perfect Commerce by CIBC out of its New York office.

About the new Perfect Commerce

The newly merged Perfect Commerce, Inc., headquartered in Hampton, VA, offers world-class sourcing and procurement solutions for companies of all sizes. Perfect Commerce global customers include market leaders such as IBM, John Deere, Hitachi, Lexmark, ConEdison, State Street, TIAA-CREF, BNP Paribas, UCLA, University of Massachusetts and Schlumberger. At the same time, its software-as-a-service (SaaS) delivery makes its offerings attractive for many small- and medium-sized organizations that need cost-effective and efficient e-sourcing. With revenues of nearly $100 million, the newly merged Perfect Commerce operates 10 offices in North America, Europe and Asia. For more information, visit www.perfect.com.

*The Open Supplier Network is a service mark of Perfect Commerce, Inc.