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Business description: FOR RELEASE WEDNESDAY FEBRUARY 18, 1998 MURRAY HILL, N.J. - Lucent Technologies (NYSE: LU) today announced the formation of a venture capital fund, Lucent Venture Partners Inc., designed to identify and invest in emerging technologies. The new subsidiary, which will have $100 million committed to its initial investments, will focus on technology in high growth areas such as wireless, data networking, semiconductors, communications software and professional services. "This venture will give us early insight into the technologies, products and companies developing outside Lucent's walls that can help support our growth," said Rich McGinn, Lucent Technologies chief executive officer, who today adds chairman to his title, succeeding Henry Schacht. "We will be looking at direct investments and at partnerships with venture capital firms." McGinn has asked Schacht, who is stepping down as Lucent Technologies chairman today, to assume the role of chairman for Lucent Venture Partners immediately. Lucent Venture Partners will leverage external investments into Lucent Technologies' existing operations through the formation of joint marketing agreements, joint product development efforts, and possibly partnerships and acquisitions. The group will be closely aligned with Lucent Technologies' corporate strategies and operations.
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Ownership: Private