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Internet company moves from W.Va. to Frederick

October 05, 2000

Internet company moves from W.Va. to Frederick



By LAURA ERNDE / Staff Writer


FREDERICK, Md. - An Internet company that started in Shepherdstown, W.Va., has moved its headquarters to Frederick, officials announced Wednesday.

Ultraprise Corp. had a hard time finding employees in the small college town, spokesman Steve Campbell said.

Shepherdstown's small 18th- and 19th-century buildings also couldn't provide adequate office space for the growing company, Campbell said.

Earlier this year, the company moved much of its work force to a high-tech corridor in Dulles, Va.

At the time, Campbell said the company, which provides business-to-business e-commerce to the financial services industry, did not intend to leave Shepherdstown altogether.

But Ultraprise found it was impractical to maintain three locations and closed the Shepherdstown office at 123 E. German St. last month, Campbell said.

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Ultraprise decided to keep a small sales force at Dulles, but most of the company's 125 employees will work at the new company headquarters in the I-270 Technology Park.

The company is leasing 28,000 square feet of office space at the business park, which is managed by the Manekin Corp.

The decision to move to Frederick instead of Dulles was based on simple economics. Ultraprise got a much better deal on rent in Frederick, Campbell said.

Frederick offered the high-technology infrastructure, highly skilled work force and exceptional quality of life needed by the growing company, said John Bourne, president and chief executive officer.

The company's secondary market loan exchange, on the Web at Ultraprise.com, provides a place for mortgage companies, banks, thrifts, Wall Street investors and others to buy and sell mortgage loans.

To date, more than $6.6 billion in loans have been posted for sale on the exchange, which has more than 700 active members.

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