ChannelAdvisor Corporation to Provide Strategic, Full-Service Marketplace Management
Research Triangle Park, NC. - July 30, 2001 - GoTo Auctions, now called ChannelAdvisor Corporation has announced its spin-off from GoTo (NASDAQ: GOTO), the leading provider of Pay-For-Performance search to Web sites across the Internet, to the ChannelAdvisor management team. ChannelAdvisor provides an enterprise-level solution enabling companies to create a brand presence on the Web`s leading e-marketplaces including eBay, eBay Stores, Yahoo! and Amazon Auctions.
Under the terms of the transaction, the current management team, led by Scot Wingo, co-founder and CEO and Aris Buinevicius, co-founder and CTO, will assume financial and operating control of the company; GoTo made a strategic investment and will retain a significant minority interest of 18.5 % as well as a position on the ChannelAdvisor Board of Directors. Additional terms of the transaction were not disclosed.
"The establishment of ChannelAdvisor as an independent corporation gives our experienced team the opportunity to take our marketplace management solutions to the next level," says Scot Wingo, chief executive officer and President of ChannelAdvisor Corp. "We will continue to expand and enhance our industry-leading services for companies seeking to succeed new online sales channels."
"ChannelAdvisor`s services and solutions help our sellers efficiently offer their merchandise in the eBay marketplace, which enables buyers to have a broader selection of items to purchase," said Jeffrey Housenbold, vice president of the B2C Group for eBay. "We have enjoyed working with the ChannelAdvisor management team for the past two years and look forward to continue working with them as they spin out from GoTo."
As an independent company, ChannelAdvisor Corporation will continue its mission of providing strategic, full-service marketplace management to brand-name companies seeking to increase sales, acquire new customers and accelerate inventory velocity. ChannelAdvisor provides customers with the expertise and knowledge needed to maximize the potential of selling on e-marketplaces with minimal effort. ChannelAdvisor services for customers include establishing your brand as a premier seller on leading e-marketplaces, creating a complete brand package, developing and executing a sales strategy and managing all marketplace tasks including customer service. ChannelAdvisor`s powerful technology provides a seamless solution that integrates with businesses` existing technology infrastructures, including inventory databases, payment and fulfillment systems, to reduce time to market and maximize profits for multi-channel online sales.
ChannelAdvisor customers will continue to enjoy ChannelAdvisor`s expertise on strategy development, marketplace management for selling on e-marketplaces, preferred partnerships with leading e-marketplaces, creative services and automating multi-channel online sales. ChannelAdvisor customers include West Marine, Memorex, Omaha Steaks and BargainBuilder.
"We are excited to be working with ChannelAdvisor," said Tony Gasparich, vice president of Internet, West Marine. "We`ve been working with ChannelAdvisor for the past 6 months and have seen them provide us with expert knowledge and dedicated focus to achieving superior results. We believe that this gives us a competitive edge in the marketplace."
Chief executive officer of GoTo, Ted Meisel said, "This is a positive step for both GoTo and ChannelAdvisor. This new structure allows ChannelAdvisor`s business to grow consistent with their vision, while allowing GoTo to remain a minority shareholder that can benefit from the growth and success of ChannelAdvisor while furthering its own strategic growth."
ChannelAdvisor Corporation is the leading provider of full-service, enterprise-level marketplace management solutions enabling retailers and manufacturers to create a brand presence on the Web`s leading e-marketplaces. ChannelAdvisor services for customers include establishing your brand as a premier seller on leading e-marketplaces, creating a complete brand package, developing and executing a sales strategy and managing all marketplace tasks including customer service. ChannelAdvisor`s powerful technology provides a seamless solution that integrates with businesses` existing technology infrastructures, including inventory databases, payment and fulfillment systems, to reduce time to market and maximize profits for multi-channel sales. ChannelAdvisor`s customers and strategic partners include West Marine, Memorex, Omaha Steaks, eBay, Yahoo! and Amazon Auctions. ChannelAdvisor Corporation is headquartered in Research Triangle Park, NC. For more information visit www.channeladvisor.com.