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Press Release ICG Commerce and DoveBid® to Offer Capital Asset Recovery Solution - Reverse Auction Provider Selects DoveBid to Provide Forward Auction Services to Global 2000 Companies Philadelphia, Pennsylvania and Foster City, California (March 8, 2001) - ICG Commerce, a leading procurement services provider, and DoveBid, a world leader in Webcast industrial auctions, appraisals and asset disposition services, today announced they have formed a strategic alliance. The alliance will add an important forward auctions capability to ICG Commerce's rapidly expanding auction service. DoveBid will have the opportunity to service ICG Commerce's growing customer base across U.S., Europe, and Asia. "We know that the ICG Commerce and DoveBid solution is a powerful combination," said Fred Festa, Senior VP and COO at ICG Commerce. "While our business focus remains on fulfilling the many purchasing needs of our clients, DoveBid's asset disposition solution allows us to deliver maximum value to our customers through an even more comprehensive suite of offerings." ICG Commerce currently offers comprehensive online procurement services - which includes reverse auctions, online catalogs, spot buy services and demand aggregation for optimal pricing - to help companies maximize savings on their purchases. ICG Commerce views the alliance with DoveBid as part of its complete e-procurement offering for customers. ICG Commerce has identified over $80 million in unsolicited forward auction opportunities within its current customer base over the past two months. Through the alliance, customers from ICG Commerce will take advantage of DoveBid's comprehensive asset management services and deep domain expertise, providing a portfolio of asset disposition and liquidation services and technologies including live Webcast auctions and 24x7 e-marketplace listings. "We find that companies today are looking to the Internet for bottom line strategic offerings. One, the procurement of both direct and indirect materials which reduces costs, and two, maximizing the return for a company's surplus assets," said Jeff Crowe, president and COO of DoveBid. "This alliance allows leading global organizations to save on procurement costs by working with ICG Commerce and increase their revenue generated on used capital equipment by leveraging DoveBid's years of asset management and disposition services." DoveBid is a leader in industrial auctions with net revenues for the year 2000 exceeded $80 million in Webcast auctions, online auctions, appraisals and onsite auctions. The company brings over 60 years of asset auction experience in 19 asset categories including industrial equipment, metalworking and machine tools, electronic test & measurement equipment and computers and peripherals. DoveBid will also develop co-branded marketing programs with ICG Commerce to over 200,000 buyers and sellers from their proprietary database. About ICG Commerce
*** Important Notices related to ICG Commerce *** ICG Commerce is not in any way associated with ICG Communications. Further, while Internet Capital Group (NASDAQ: ICGE) is a holder of ICG Commerce stock and ICG Commerce is a member of the Internet Capital Group partner network, ICG Commerce and Internet Capital Group (sometimes referred to as ICG) are separate and distinct operating companies. About DoveBid® Founded in 1937, DoveBid has more than 20 offices throughout North America, Europe and the Asia-Pacific region. More information on DoveBid can be found at http://www.dovebid.com or by contacting company headquarters in Foster City, California, at (800) 665-1042 or +1 (650) 571-7400. DoveBid and the DoveBid logo are trademarks of DoveBid, Inc. Corporate Contact:
Dave Puckett
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