OMKT nice breakout! Heavy volume.
News w/LCOS:
Wednesday February 3, 6:59 am Eastern Time
Lycos Aligns With Open Market For Strategic Expansion of The Electronic Marketplace
Enhanced Commercial Platform Will Link Millions of Shoppers with Thousands of Vendors
BURLINGTON and WALTHAM, Mass., Feb. 3 /PRNewswire/ -- Open Market, Inc. (Nasdaq: OMKT - news), the market share leader in Internet commerce software, and Lycos, Inc. (Nasdaq: LCOS - news), the second most visited hub on the Internet and the world's largest online community, today announced that they have entered into a revenue-sharing agreement to integrate the power of Open Market's software solutions into Lycos' burgeoning e-commerce infrastructure. The agreement calls for installation of Open Market's Transact(TM) software to power Lycos' electronic marketplace, and distribution of Open Market's ShopSite(TM) store-building software to enable the development of a seamlessly integrated community of retailers and suppliers.
''This agreement with Open Market establishes the integrated platform from which we will continue to propel our aggressive e-commerce strategy,'' remarked Bob Davis, Lycos CEO. ''Open Market is not only the premier developer of e-commerce solution software in the industry, but also a strategic ally in expanding the role that an Internet hub will play as the e-commerce potential of the Web is eventually realized.''
''The Lycos Network will serve as a catalyst for realizing our vision of Open Market's best-in-class software powering the largest integrated community of buyers and sellers in the world,'' explained Gary Eichhorn, Open Market CEO. ''This initiative is the first step by Lycos and Open Market to jointly reshape the Internet commerce landscape into an open buying community.''
''The features that have made Open Market's Transact the undisputed software-of-choice for serious e-commerce applications, and ShopSite the most popular storefront creation software package, will deliver a platform that offers the ultimate in convenience and efficiency for both the shopper and the vendor,'' noted Jeff Bennett, Lycos vice president of e-commerce. Transact will provide Lycos a complete set of end-to-end commerce services including online customer authentication and authorization; online order and payment processing; automated tax and shipping calculations; online order tracking and status; and online customer service. Businesses of all sizes will be able to easily establish storefronts of their own on the Lycos Network using Open Market's ShopSite.
The addition of Open Market's ShopSite software strengthens Lycos' community lead by offering merchants and individuals a co-branded ''Store Building Site'' to establish their own marketing platform on the Web. The development will allow individual members of Lycos community sites, Tripod and Angelfire, to commerce-enable their individual pages and become online merchants. ShopSite TX is a first-of-a-kind solution which combines quick, easy, and inexpensive storefront creation with the no-compromise Internet commerce infrastructure of Open Market's Transact.
Lycos announced its unique merchant-of-record commerce strategy with its launch of the Lycos Store in December 1998. The alliance with Open Market is a significant step in the expansion of the Lycos e-commerce model.
The alliance between Lycos and Open Market includes plans to offer ISPs and hosting companies everywhere the ability to connect into the Lycos Network, thus allowing the thousands of existing ShopSite merchants hosted at over 80 ISPs around the world to broaden their reach by ''plugging in'' to Lycos' community of over 20 million shoppers.
About Lycos, Inc.
Founded in 1995, Lycos, Inc. is a leading Web media company and owner of the Lycos Network, the second most visited hub on the Internet reaching 46.5 percent of Web users. The Lycos Network is a unified set of Web sites that attracts a diverse audience by offering a variety of services, including leading Web navigation resources, homepage building and other Web community services and a comprehensive shopping center. The Lycos Network is composed of premium sites: Lycos.com, Tripod, WhoWhere, Angelfire, MailCity, HotBot, HotWired, Wired News, Webmonkey and Suck.com. Lycos.com (http://www.lycos.com), ''Your Personal Internet Guide,'' is dedicated to helping each individual user locate, retrieve and manage information tailored to his or her personal interests. Headquartered near Boston in Waltham, Mass., Lycos, Inc. is a global Internet leader with a major presence throughout the U.S., Europe and Asia.
More About Open Market
Founded in 1994, Open Market, Inc. is the market-share leader in Internet commerce software. Open Market's high-performance application software products and professional services allow its customers to engage in business-to-consumer and business-to-business Internet commerce, information commerce, and commercial publishing. Among Open Market's distinguished roster of global customers are 7 of the 15 top domains on the Web, including Time Warner Pathfinder.com, major industrials such as Ingram Micro and Acer, more than 700 publishers including the top 10 commercial publishers, and 11 of 14 of the world's top national telephone companies. The company, headquartered in Burlington, Massachusetts, with offices in Japan, Canada, the UK, France, Germany, The Netherlands, Italy, and Australia can be reached by calling 1-888-OPEN-MKT or by visiting openmarket.com.
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