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Discovery Capital Corporation Leads Financing of Spintopia
VANCOUVER (November 28, 2000) - Discovery Capital Corporation ("Discovery Capital") is pleased to announce that it has led the latest round of financing of Spintopia.com Inc. ("Spintopia"). Also participating in the financing is Belkorp Industries Inc. of Vancouver.
Spintopia is an application service provider (ASP) that offers companies of all sizes, through its flagship product, Vision2Hire, an online hiring solution. Vision2Hire reduces paperwork and administrative costs, while more effectively developing the all-important candidate short-list and maintaining an up-to-date resume database. This software solution is easy-to-install, easy-to-use and offers scalability and significant cost advantages over enterprise-based solutions. Over the next three years, the applicant tracking and resume administration market segment is estimated to exceed over US$1.37 billion, according to Electronic Recruiting Index (ERI) forecasts.
Spintopia's roster of initial clients includes Intrawest, BC Gas, Ipsos-Reid, Relic Entertainment, Voyus Canada and Vancouver's Westin Grand Hotel. The company has offices in Vancouver, Calgary and Toronto and will be opening an office in Seattle in the new year. Potential strategic partners for Spintopia include online job boards, recruiting and human resource organizations, web hosting providers and small business service providers.
"Spintopia has established strong early acceptance of Vision2Hire in a number of key vertical markets, and we are working closely with them to identify other market opportunities for their software platform. We are very excited to welcome them into our group of partner companies," said Randy Garg, Executive Vice-President of Discovery Capital Corporation.
"Discovery Capital's involvement is an important milestone for us," said John Boddie, Chief Executive Officer of Spintopia.com. "Their investment and expertise will play an important role in helping us take business solutions like Vision2Hire to market."
Discovery Capital focuses its investment and acceleration activities on emerging software and communications ventures where it holds the majority of its investment interests. Established in 1986, Discovery Capital has worked with well over 200 early stage technology ventures in:
- providing investment capital and securing follow-on funding from venture capitalists, corporate investors, and/or capital markets.
- identifying and pursuing strategic partners;
- assembling management teams and Boards; and
- developing business plans and strategies
Complementing its internal resources is an Advisory Board that includes a number of accomplished technology entrepreneurs, and strategic partners including: Columbus Group Communications, Ipsos-Reid, Korn/Ferry International and Scotia Capital Inc.
Discovery Capital's accelerator successes to date include Sierra Wireless Inc. (NASDAQ: SWIR), Dees Communications / Nice Systems (NASDAQ: NICE), and Bfound.com / SignalSoft (NASDAQ:SGSF).
For Further Information, Please Contact:
Vision2Hire Solutions
(905) 530-0007
1-877-223-1833
vision2hire@brainhunter.com
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