ICG Commerce Secures $35 Million in Private Equity Funding; Edward H. West Appointed Chief Executive Officer

Procurement Services Provider Draws Investment from Eight Funds In One of the Largest Venture Capital Rounds of the Past 12 Months

PHILADELPHIA - Monday, January 13, 2003 - Leading procurement services provider ICG Commerce today announced 
that it has closed a $35 million equity financing round. The recent round, which included investments from eight funds, 
is one of the largest venture capital rounds of the past 12 months. ICG Commerce also announced that Edward H. West, a 
former senior executive at Delta Air Lines and Internet Capital Group, has been appointed chief executive officer (CEO). 

In a year that will be remembered for its tight capital markets and increased scrutiny of investment opportunities, ICG 
Commerce completed a round of private equity funding that is nearly five times the average venture deal in 2002, 
according to the most recent MoneyTree Survey*. Institutional investors supporting the recent round included Internet 
Capital Group, Graham Partners, Cross Atlantic Capital Partners, Wynnefield Capital and CIC Group. The proceeds 
from the funding will be used primarily for future growth and development of ICG Commerce's comprehensive suite of 
procurement services.

In addition, ICG Commerce announced the appointment of West as the company's new CEO. West brings valuable 
insight into the economic pressures faced by large organizations to a company that focuses on significantly reducing 
procurement costs for its customers. As the former executive vice president and chief financial officer at Delta, West 
was a member of the company's Executive Council and had broad responsibility for all corporate and operating 
financial functions. West also served as the chairman of Delta Technology and as the executive-level sponsor for 
Delta's e-commerce strategy, providing a strong technology business perspective. Most recently, West was president 
and chief operating officer for Internet Capital Group, where he helped support the growth of partner companies. 

"I am pleased to join an innovative and growing company that delivers significant savings and operational efficiencies 
for its customers," West said. "Forward-thinking companies recognize the opportunity to improve performance through 
procurement. ICG Commerce's comprehensive suite of services, supported by a unique combination of seasoned 
experts and leading technology, makes that opportunity a measurable reality."

Combining expertise and technology, ICG Commerce reduces procurement costs for companies in many ways - with 
lower prices, more efficient and effective buying and better utilization of personnel to drive significant savings to the 
bottom line. The company helps its customers identify savings opportunities through strategic sourcing and enables the 
savings to be realized through complete savings implementation and ongoing management of the purchase-to-pay 
process. In addition, ICG Commerce effects continued cost reductions by making its customers' expenditures visible for 
tighter control and by providing ongoing management support from category specialists. ICG Commerce provides 
flexible services to meet each company's needs - from supplemental tools and expertise to complete procurement 
outsourcing.

"There is no question that demand is rising among large corporations for new ways to drive efficiencies and 
effectiveness," West said. "More and more companies are looking for outside procurement services to support portions 
of, or all of, their procurement operations. With a well established infrastructure, consisting of experienced 
professionals and scalable technology, and a single-minded focus on procurement, ICG Commerce is well positioned to 
capture this large and growing market."

According to a recent study by market research firm International Data Corporation, the worldwide procurement 
outsourcing market was approximately $5 billion in 2001 and is expected to grow at a five-year compound annual 
growth rate of 18 percent to over $12 billion by 2006. 

"ICG Commerce is the poster child of the burgeoning outsourced procurement industry - not to mention a good 
illustration of the complex business models that have developed in recent times," said Pierre Mitchell, vice president at 
AMR Research, in a recent NewsFactor Network story discussing the growing trend toward procurement outsourcing. 


--------------------------------------------------------------------------------

* The MoneyTree Survey is compiled quarterly by PricewaterhouseCoopers, Venture Economics and the National 
Venture Capital Association.

About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com) is the leading Procurement Services Provider delivering total procurement 
cost savings through an unmatched combination of deep expertise and hosted technology. ICG Commerce provides a 
comprehensive range of solutions to help companies identify savings through sourcing, realize savings through 
implementation and transaction management and drive continuous improvements through category management. ICG 
Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) 
network of partner companies and was recently named one of UPSIDE Magazine's Hot 100 companies for 2002 as well 
as a Supply Chain e-Business Top 100 solution provider.