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Net Effect Raises ADDITIONAL Venture Financing
Total Investments of Over $13 Million Allow for Expanded Focus On Global E-Commerce Market
North Hollywood, Calif. — August 16, 1999 — Net Effect Systems, the leading provider of scalable Web-based "Live Help" services, announced the investment of an additional $7.8 million by leading venture capital firms to fund its continued growth in the global e-commerce market. The Net Effect solution enables large e-businesses to increase sales and customer satisfaction by delivering customer service levels synonymous with "bricks and mortar" service leaders like Home Depot, Nordstrom and Federal Express. Investors include Greylock, Trinity Ventures, TL Ventures and Stanford University."We are pleased to have the support of industry leaders that share our belief that customer care on the web is as essential as customer care in any business. Great customer care must be highly personalized and available in real-time as customer needs demand. It must also intelligently integrate human interaction and technology to provide both an effective and scalable customer care solution for global e-businesses. Implementing quality customer care on the Web is demanding, and it's companies that approach it as a continuous learning process that will win," said Julie Schoenfeld, president and CEO of Net Effect.
According to Bob Verratti, venture partner with the Los Angeles office of TL Ventures, "We believe that real-time customer care on the web is an incredibly important space. We have looked at companies in this area for months. In Net Effect we found the only company delivering a full, self-learning, scalable solution for large e-businesses. E-Commerce companies buying off-the-shelf systems are grossly underestimating the complexity of these problems. We believe that this will be a billion-dollar industry by 2002."
E-commerce sites have been slow to implement a customer care component to their online operations, resulting in millions of dollars in lost sales. With no available online help, frustrated shoppers are abandoning shopping carts and logging off before completing purchases. As competition in online shopping grows, e-shoppers are expecting service quality equivalent to that offered by e-businesses' offline counterparts.
According to Karen Gier, CFO of Net Effect, "The demands of our customers are growing exponentially. In order to stay ahead of their needs we are continually building out our infrastructure ahead of the marketplace. Catapulting our growth is our industry-leading technology backed by the extensive customer care expertise of our management and implementation teams. This is an incredible growth phase for us as we define and create a whole new business category."
Net Effect is the first company to deliver scalable, Web-based "Live Help" services to the e-commerce market. Net Effect's solution enables real-time text-based conversations between e-businesses and their customers, providing a new opportunity to convert e-shoppers into e-buyers. Implemented with close support from Net Effect's customer care and Web experts, "Live Help" can be launched easily, intelligently and cost-effectively – and with clearly measurable benefits. The "net effect" is improved customer loyalty and increased profitability.
Net Effect is headquartered at 4146 Lankershim Boulevard, Suite 301, North Hollywood, California, 91602; phone: 818-752-6600 and fax: 818-752-6605. Visit Net Effect at www.neteffect.com.
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Editorial Contact:
Robert B. Wyse
Net Effect Systems
216.765.8020 x25
rob@neteffect.com
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