Online Jewelry Retailer Ice.com Acquires Diamond.com Business from Odimo, Inc.
Extending Longstanding Commitment to Offer Consumers Greater Choice and Confidence to Buy the Jewelry They Want OnlineMontreal, Canada - May 11, 2006.
Ice.com, Inc., the leading online provider of high-quality, great value jewelry, today announced the acquisition of the Diamond.com business of Odimo, Inc. The purchase of Diamond.com, a popular Internet destination for diamond engagement rings, individual diamonds and other fine jewelry, is a key element of Ice.com’s ongoing strategy to offer a wide range of premium products for both female and male jewelry buyers while providing the most convenient online shopping experience. Ice.com will continue to operate the Diamond.com brand, and Diamond.com customers will gain access to the same demanding merchandise standards and secure shopping and buying experience that consumers have come to expect from Ice.com. The transaction follows Ice.com’s recent completion of an external financing round from Ignition Partners, a premier venture capital firm based in Bellevue, Wash. “Our Ice.com customers today are primarily women with a range of budgets and tastes. They all love the convenience, choice, and information they get by buying online,” said Shmuel Gniwisch, CEO and founder of Ice.com. “We dedicate ourselves every day to provide them superior quality, style, and a great shopping experience so they can buy from us with confidence. We are thrilled now to offer them both the everyday style and the high end selection they want. We are also excited to apply our decades of experience in the diamond business to extend the same level of service and quality to the growing number of male online jewelry buyers as well.”
“This is another step in providing jewelry customers with the very best online shopping experience,” said Pinny Gniwisch, Ice.com’s executive vice president of Marketing. “Jewelry makes people feel special. We are in this business because we believe that both men and women deserve to have many purchasing options, whether buying for an important event or for feeling great about their style. We will continue to generate new and innovative ideas in order to better serve our customers.” As part of this plan and ongoing commitment, Ice.com recently received an injection of capital from Ignition Partners, a prominent venture capital firm founded by operating executives from the software, Internet and communications industries. Joining the board are Ignition partners Brad Silverberg, a longtime software industry leader and pioneer of Microsoft’s Internet strategy, and John Zagula, a former direct and interactive marketing leader at Microsoft and American Express. Matthew Kratter, a banker at Cascadia Capital, advised Ice.com on the acquisition transaction.
About Ice.com
Ice.com is the leading online provider of high quality great value jewelry. With over 20 years of experience, the Ice.com team brings an unprecedented record and reputation for bringing quality jewelry to some of the world's most prestigious stores, now affording our customers the opportunity to acquire exceptional jewelry at incredible savings online. Ice.com is dedicated to providing its customers the very best shopping and service experience online and the very best value, quality, and selection of jewelry in the world.
About Ignition Partners
Ignition Partners, (www.ignitionpartners.com), headquartered in Bellevue, Wash., is a premier venture capital firm focused on investments in software and communications technology, with a particular emphasis in enterprise and consumer facing software and services, telecommunications and network infrastructure. Ignition brings together an unparalleled combination of domain focus, technical expertise and global operational experience. Ignition's partners are proven business leaders who have built some of the world's most successful businesses of the last two decades, including Microsoft Windows and Office, McCaw Cellular Communications, and AT&T Wireless. The VC's founders are also credited with leading McCaw's entry into wireless and Microsoft's Internet turnaround.
Contact:
Pinny Gniwisch EVP Marketing, Ice.com. 514-393-9788, ext 106 pinny@ice.com
U.S. Media Inquires Megan McKenzie, McKenzie Worldwide 503.625.3680 (direct) 503.470.0197 (mobile) meganm@mckenzieworldwide.com