VerticalNet, British Telecom, Internet Capital Group to form VerticalNet Europe

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Horsham, Pa.--VerticalNet, British Telecom plc and Internet Capital Group will create VerticalNet Europe. London-based VerticalNet Europe's site will allow businesses to perform online functions such as transactions and sector research. VerticalNet, Horsham, Pa.; British Telecom, London; and Internet Capital Group, Wayne, Pa., will jointly contribute $227 million in cash and assets. VerticalNet Europe's launch comes at a time of increased optimism for Europe's b-to-b e-commerce potential. KPMG Consulting forecast that 83% of European b-to-b and business-to-consumer companies will have sales attributable to the Web in 2002, up from 63% in 1999.
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