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Technology Stocks : CMGI What is the latest news on this stock?
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To: sam who wrote (16392)2/11/2000 7:49:00 AM
From: sam   of 19700
 
CMGI Makes Winning Bid on Auction Dot-Com

The online marketing giant said it would purchase consumer-product auction site
uBid.com for $407 million in stock.

By Ben Hammer

CMGI, a company with large holdings in
Internet marketing and content
companies, said Thursday it would acquire
consumer-product auction site uBid.com
for $407 million in stock.

UBid.com, which had revenues of $205
million in 1999, sells consumer products to
customers through auctions conducted on
the company's Web site. Product lines
include computers, electronics, sporting
goods, jewelry and travel. UBid owns a
sister auction site for industrial and
manufacturing equipment.

Acquiring the online auction company
allows CMGI to sell advertising on a
popular site, as well as to profit from sales
made by that site. CMGI said its marketing
properties would also be used to increase
the revenues and overall value of
uBid.com.

"Online auctions are one of the fastest-growing areas of the Internet,
and uBid.com has distinguished itself in the market with highly
differentiated merchandising and inventory management capabilities,"
said CMGI Chairman and CEO David Wetherell in a statement.

The acquisition is expected to close in May. AtVentures, a venture
capital firm whose largest shareholder is CMGI, owns 5.5 percent of
AuctionWatch, a Web site that allows buyers and sellers to search
300 sites for counterparts. The VC firm also owns 8 percent of
BizBuyer.com, an auction site that small businesses can use to
request proposals for professional services and products. thestandard.com
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