eVolution backs blue chip venture, LevelSeas.com

By Brills RebeiroSINGAPORE, 17 July 2000 -- eVolution Global Partners, an international venture capital company, announces its firstventure investment which is to be in LevelSeas.com, the new ocean freight marketplace, backed by global leadersin the shipping industry.

By Brills Rebeiro

SINGAPORE, 17 July 2000 -- eVolution Global Partners, an international venture capital company, announces its first venture investment which is to be in LevelSeas.com, the new ocean freight marketplace, backed by global leaders in the shipping industry.

Stan Miranda, European Director for eVolution, will become Chairman of LevelSeas. eVolution will take an equity stake in the new company alongside existing shareholders including BP Amoco, Cargill, Royal Dutch / Shell and Clarksons.

Building on the reputation of its partners and participants, eVolution aims to establish LevelSeas as a bulk ocean freight net marketplace. LevelSeas will provide freight management services encompassing the full "life of the voyage" including market intelligence, online chartering, pre- and post-transaction documentation management and freight futures trading.

eVolution is backed by Kleiner Perkins, a US internet venture capitalist, Bain and Company, a global management consulting firm, and Texas Pacific Group, a private global investment partnership.

LevelSeas will be powered by a flexible technical platform built to accommodate future upgrades in key marketplace components such as trading engines, document management, payment systems and user system interfaces.

It will incorporate on-line many of the industry players' more sophisticated back-office work processes such as voyage cost calculations and port service arranging.

Stan Miranda, of eVolution and new Chairman of LevelSeas commented: "LevelSeas is a perfect example of what eVolution seeks to do. In LevelSeas we are backing corporations like BP Amoco, Shell and Cargill who bring the critical mass of cargo transactions, deep industry know-how and a strong track record building e-businesses to give momentum to the leading on-line ocean freight business. Many of the existing freight exchanges will not succeed without the major shipping industry players behind them."

About eVolution
eVolution Global Partners is a venture capital and services firm. eVolution teams up with the world's top corporations and CEOs to redeploy legacy assets for the Internet-based economic landscape.

Founded in March 2000, eVolution is an independent company that draws on the deep, multi-faceted expertise of its founding members from the firms of Bain & Company , Texas Pacific Group and Kleiner Perkins Caufield & Byers.

About Levelseas.com
LevelSeas.com is a global marketplace for buying, selling and managing bulk ocean transportation. Its services will provide the industry with information, a trading platform and the tools to streamline chartering from start to finish.

Shareholders in LevelSeas.com include industry leaders, BP Amoco, Shell/Royal Dutch, Cargill, and Clarksons.

www.zdnetasia.com
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