Ingenta Successfully Completes Fundraising

Apr 11, 2003

Ingenta, Inc., a provider of online publishing services to academic and professional publishers, has announced that following the passing of shareholder resolutions at the EGM held on Friday 21st March, its recently announced fundraising has been completed. As a result, the Board's holding has increased to approximately 19% as part of a 2 million pound fund raising exercise designed to give the company additional financial security. The fundraising has also made Blackwell Ltd, a book retail and supply business, a shareholder in Ingenta. Highlights of the six-month period to March 31, 2003 include: over 2 million pounds of new business won across the UK and US from over 50 new deals with existing and new customers;  an appointment to build a specialist Web site on behalf of Oxford University Press to provide online access to its scholarly monograph output; a renewal rate of over 98%; a new partnership with Ovid to provide online access to its SilverPlatter databases for all UK Higher Education customers; a 21% year-on-year increase in article downloads in February 2003; a 59% year-on-year increase in user sessions in February 2003; and over 14,000 libraries now using Ingenta's services, a 36% increase over the last 12 months.