VERT & MSFT news:
biz.yahoo.com
<<VerticalNet and Microsoft Sign Definitive Agreement for Three-Year Strategic Alliance
Microsoft Makes Equity Investment of $100 Million
REDMOND, Wash. & HORSHAM, Pa.--(BUSINESS WIRE)--April 10, 2000-- On March 29, 2000, VerticalNet, Inc. (Nasdaq: ``VERT') and Microsoft Corp. (Nasdaq: ``MSFT') signed their definitive agreement announced earlier this year for a three-year strategic alliance to deliver business-to-business e-commerce services and content to small- and medium-sized businesses. As part of their strategic alliance, Microsoft will purchase at least 80,000 VerticalNet© Storefronts and E-Commerce Centers from VerticalNet and distribute them to third party businesses. VerticalNet will assist Microsoft in distributing 30,000 of these Storefronts and E-Commerce Centers. Additionally, VerticalNet will build the Storefronts and E-Commerce Centers, incorporating Microsoft megaservices like Microsoft© ClearLead©, and place them within its 55 communities of commerce. On April 7, 2000, VerticalNet and Microsoft completed Microsoft's equity investment in VerticalNet, in which Microsoft purchased 100,000 shares of VerticalNet's Series A 6.00% Convertible Redeemable Preferred Stock in exchange for $100 million in cash.
``We believe that this strategic alliance represents a tremendous competitive advantage for VerticalNet by extending our reach to thousands of small- and medium-sized businesses who are eager to participate in the power of e-commerce,' said Mark Walsh, President and CEO of VerticalNet. ``The strategic alliance between our companies should further validate VerticalNet's portfolio model of communities of commerce.'
A Microsoft representative is expected to join the VerticalNet board of directors.>>
Morgan |
