In its second-largest acquisition, Amazon buys the company for $970 million.
Internet Business's International Inc. has completed the acquisition of Auction-Sales.com Inc.. The terms of the agreement were not disclosed. Auction-Sales.Com is a dynamic pricing application service provider. Auction-Sales.com also operates a successful B2C auction marketplace that was recently ranked as the 157th most visited shopping Web site and 18th most visited auction Web site by PC Data Online. Auction-Sales.com had revenues for its fiscal year ended June 30, 2000, in excess of $5 million.
"Auction-Sales.Com has developed a proprietary state-of-the-art hybrid auction platform that addresses the combined needs of the B2C, B2B and C2C markets," said Albert Reda, Internet Business's International chief executive officer. "This acquisition further strengthens the company's strategy of sponsoring and hosting Internet auctions. This will allow us to integrate our auction sites into one platform. Auction-Sales.Com will become the operating entity for IBUI's auction sites, which includes the recently acquired www.sonicauction.com." Pierre Rafiq, president and CTO of Auction-Sales.Com stated, "According to Forrester Research, dynamic pricing transactions already account for over 30% of all e-commerce trade. Yet only a handful of manufacturers or distributors have integrated online or exchanges in their e-commerce strategy. We see a tremendous market and demand for our proven technology."