Wayne,
PA – September 1, 2009 – Internet Capital Group, Inc. (Nasdaq: ICGE) today announced that its partner company, Channel Intelligence (“CI”), a provider of enterprise e-commerce solutions for manufacturers and online retailers, acquired the key assets of ICG partner company Vcommerce, a provider of Web-based e-commerce solutions. The purchase was funded through an equity financing at CI that was led by ICG. As a result of this financing, ICG increased its ownership in CI from 46% to approximately 50%.
This acquisition adds Vcommerce’s storefront and fulfillment services to Channel Intelligence’s performance-based marketing solutions for manufacturers, publishers and retailers. The combined company will provide Commerce Platform as a Service (“PaaS”) solutions that annually refer over $2 billion in sales to leading manufacturers and retailers such as Best Buy, HP Home and Home Office, Panasonic, Neiman Marcus, Philips, Target, Garmin, OfficeMax, Samsung, Charming Shoppes, Black & Decker and hundreds more.
“The Vcommerce platform provides unique capabilities that Channel Intelligence can leverage with its existing customer base,” said Doug Alexander, President of Internet Capital Group. “ICG views this acquisition as a great opportunity to enhance the CI platform through the addition of Vcommerce’s technology while increasing its ownership in CI, a company we believe holds significant potential to increase stockholder value.” |
