EXHIBIT 99.1

                   SAVVIS SECURES $20 MILLION EQUITY FUNDING,
                 BRINGING NEW INVESTMENT TOTAL TO $178 MILLION


          CONSTELLATION VENTURES, A BEAR STEARNS ASSET MANAGEMENT FUND,
          INVESTS IN SAVVIS' APPROACH TO MANAGED IP SERVICES

HERNDON, VA, AND ST. LOUIS, MO, -- JUNE 30, 2002 -- Global managed services
provider SAVVIS Communications Corp. (NASDAQ: SVVS) today announced that is has
secured a $20 million investment from Constellation Ventures, a Bear Stearns
Asset Management Fund, in return for preferred stock. Constellation Ventures is
a media, communications and technology venture capital fund that manages $450
million. This relationship will facilitate SAVVIS' expansion beyond its
stronghold in financial services and mid-market enterprises into growing
media-intensive industries.

"SAVVIS represents a new breed of managed IP services provider," said Clifford
H. Friedman, Senior Managing Director of Constellation Ventures. "At a time when
the telecommunications industry is struggling with excessive debt and a glut of
commodity-based products, SAVVIS' value-added services are growing and their
balance sheet is strong. SAVVIS is delivering the highest availability and
quality of service for bandwidth-intensive, mission critical applications - key
attributes that are in growing demand by media-focused industries such as
advertising, broadcasting, production, cable and publishing."

In March of this year, SAVVIS secured $158 million from investors including
Welsh, Carson, Anderson & Stowe. Combined with the new investment from
Constellation Ventures, SAVVIS has raised $178 million in funding this year.
"These investments serve as additional validation of the SAVVIS business model
and our ability to win new customers and drive new revenues in IP VPNs and
managed hosting," said Rob McCormick, SAVVIS' chairman and chief executive
officer.

Under terms of the agreement, SAVVIS will issue to Constellation Ventures $20
million of 11.5 percent convertible preferred stock in exchange for cash. The
preferred stock will be convertible initially into approximately 26.7 million
shares of SAVVIS common stock at a conversion price of $0.75 per share and will
have voting rights that allow the holders to vote with the common on an
as-if-converted basis. Dividends will be paid quarterly in the form of
additional convertible preferred stock. Constellation Ventures will hold
approximately 8% percent of SAVVIS' voting stock and Mr. Friedman will join the
SAVVIS board of directors. The March funding agreements authorized the company
to raise up to an additional $45 million of preferred stock at substantially the
same terms and conversion price.

In addition, SAVVIS has also agreed to issue five-year warrants to Constellation
Ventures to acquire 10 million shares of common stock at $0.75 per share.
Constellation Ventures will earn the right to exercise the warrants as it aids
SAVVIS in winning new business.

"Clearly, there is an increasing migration to IP networking that we believe will
reshape the telecommunications sector over the next five years," McCormick said.
"We look forward to working with Constellation Ventures as we begin to forge our
presence in the media and communications industry."

"SAVVIS' growing sales and strong operating performance are what have attracted
investor interest," McCormick continued. "Bucking the trend in our industry, we
have a robust balance sheet, and only a modest amount of remaining debt, and
with over $35 million in cash, we have the funds to accelerate sales of our IP
VPN, managed hosting and Internet services."

SAVVIS built its global data communications network to meet the demanding
standards of Wall Street. Major players in the financial services industry,
including banks, brokerage firms and electronic trading networks, have long
relied on SAVVIS' IP VPNs. Building on this expertise, the company packaged its
Intelligent IP NetworkingSM products for mid-sized enterprises, such as law
firms, ad agencies, and real estate companies, two years ago. With growth fueled
by these two markets, SAVVIS' Intelligent IP NetworkingSM products now account
for 80% of the company's revenue, making SAVVIS one of the world's largest
providers of IP VPNs.



"The SAVVIS network was built to power Wall Street, and the distinctive benefits
of our products are increasingly in demand by businesses on Main Street," said
McCormick. "By concentrating on what we do best, providing high quality managed
networking solutions to our customers, we believe that the talent and commitment
of our employees will continue to drive revenue growth that outpaces the
industry."

ABOUT CONSTELLATION VENTURES
----------------------------

Constellation Ventures manages $450 million in venture capital through offices
in New York, Los Angeles and Tokyo. The fund invests in early to mid-stage
companies that enable the distribution, management and control of information
over emerging digital networks. Constellation Ventures provides its portfolio
companies strategic value-added services by leveraging its Limited Partners that
include Bear Stearns, Sony, Viacom, Young & Rubicam, Tribune, Dai Nippon
Printing, NTT Data, Acxiom, Toyota and Singapore Technologies. For more
information, please visit http://www.constellationventures.com.

ABOUT SAVVIS
------------

SAVVIS Communications Corp. (NASDAQ: SVVS) is a global managed service provider
that delivers IP VPNs (virtual private networks), managed hosting and Internet
services to medium-sized enterprises and the financial services market. The
mid-market, which is underserved by traditional data communications carriers, is
the fastest growing segment of the IP VPN market. In the demanding financial
services industry, SAVVIS is a leading provider of high-performance networking
services. SAVVIS' Financial XchangeSM, a private IP VPN service platform,
connects more than 4,700 financial institutions to financial applications and
data worldwide. Financial XchangeSM is also one of the largest carriers of
Financial Information eXchange protocol (FIX) traffic in the United States and
has partnerships with many FIX application and services providers.

Known as "The Network that Powers Wall Street"SM, SAVVIS delivers the
reliability, performance and security of traditional private networks, as well
as the scalability and flexibility of the Internet, often at a price less than
both. As a result, enterprises can connect their offices, partners and remote
employees over an affordable private IP network and can also integrate SAVVIS'
managed hosting services as well. The editors of Network Magazine named SAVVIS'
IP VPNs Product of the Year for 2001. SAVVIS beat out well-known VPN providers
such as AT&T (NYSE: T), WorldCom (NASDAQ: WCOM), Sprint (NYSE: FON) and Genuity
(NASDAQ: GENU).

SAVVIS was ranked the eighth fastest-growing technology company in North America
on the 2001 Deloitte & Touche Technology Fast 500, which ranks companies based
on five-year percentage revenue growth from 1996 - 2000. For more information
about SAVVIS and its Intelligent IP NetworkingSM, visit: http://www.savvis.net

FORWARD-LOOKING STATEMENTS
--------------------------

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although SAVVIS believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, there can be no assurance that its expectations will be
attained. Certain factors that could cause actual results to differ materially
from SAVVIS' expectations are set forth as risk factors in SAVVIS' SEC reports
and filings, including its annual report on Form 10-K for the year ended
December 31, 2001, as filed with the Securities and Exchange Commission on March
29, 2002. Many of these factors are beyond SAVVIS' ability to control or
predict. Forward-looking statements are not guarantees of performance. For
forward-looking statements herein, SAVVIS claims the protection of the safe
harbor for forward- looking statements contained in the Private Securities
Litigation Reform Act of 1995. SAVVIS assumes no obligation to update or
supplement forward-looking statements that become untrue because of subsequent
events.

CONTACTS:
---------

Carter B. Cromley
SAVVIS Communications
Director of Public Relations & Analyst Relations
(703) 234-8033
carter.cromley@savvis.net

Russell Sherman
Bear, Sterns & Co. Inc.
(212) 272-5219
russellsherman@bear.com