| BUSINESSWEEK ONLINE : JUNE 28, 1999 ISSUE | ||||||||
| ||||||||
 | ||||||||
| BUSINESSWEEK INVESTOR -- INSIDE WALL STREET
Rare Medium Has Done Very Well Rare Medium Group (RRRR) is, well, a rarity. Its stock was languishing at 2 to 3 a share in December--until it changed its name (from ICC Technologies to Rare Medium) and dropped its air-conditioning business to become a purely Internet company. Since then, the stock has rocketed, hitting 20 in mid-April. Like many other Internet highfliers, however, the stock has come down to earth lately and is now at 11. ''But the stock's ascent has just begun,'' argues David Ganek of New York's SAC Capital Advisors. Indeed, Rare Medium's CEO Glenn Meyers has been busy: The company, which develops E-commerce strategies and interactive content, has collected an impressive client list, including Pfizer, General Mills, New York Times, the Federal Reserve Bank of Dallas, and Microsoft--for which it developed an online store that provides one-stop shopping for all Microsoft products. Investment firm Apollo Management has invested $75 million for a 25% stake in Rare Medium, with an option to increase it to 40% for a further $75 million. ''You can be sure that Rare Medium will mine the 50 Apollo affiliates to get additional business for itself,'' says Ganek. He figures that even without additional acquisitions and the benefits that Apollo will bring, Rare Medium revenues will increase this year to about $50 million, up from last year's $14 million. Next year, he sees more ''explosive'' growth with new acquisitions and the added Apollo connection. BY GENE G. MARCIAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
|  |
 | |
RELATED ITEMS Rare Medium Has Done Very Well CHART: A Typical Web Highflier INTERACT E-Mail to Business Week Online | |||
