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October 6, 1999

Breakaway Shares Triple After IPO

By CBR Staff Writer

Breakaway Solutions Inc, a Boston-based e-commerce consulting firm more than tripled its $14 offer price to close at $42.25 in its first day’s trading on Nasdaq yesterday, after earlier peaking at $71. Breakaway which raised $42m from the initial public offering taps a business-to-business e-commerce market tipped by forester Research to grow to $1.3 trillion in 2003 from $43bn last year. The firm offers a suite of services comprising internet strategy consulting, web-based applications hosting and customer relationship management applications. It focuses on firms with sales of up to $1bn a year plus new dotcom companies. For the six months to June 30, Breakaway posted revenue of $7.6m with a net loss of $2.5m. á

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