RedtagBiz, Inc. today announced that it has acquired CrossMarket Corporation, owner of CrossMarket.com, a wholesale marketplace specializing in housewares, giftware, and related products. As a result of the acquisition, CrossMarket will be integrated into the RedtagBiz site, a broad based wholesale trading platform for buyers and sellers of consumer goods. Terms of the agreement were not disclosed.
Mark Florence, President of CrossMarket, has joined RedtagBiz as senior vice president, charged with continued development of the housewares and giftware categories in RedtagBiz. In addition, all of CrossMarket’s employees – bringing vast experience in merchandising housewares and giftware products- have joined RedtagBiz, and will continue to work out of CrossMarket’s offices in Medford, Mass.
Adding CrossMarket’s extensive supplier relationships opens access for RedtagBiz customers to thousands of new products in the housewares, giftware, and seasonal verticals at the best available prices. Current CrossMarket.com customers can access this inventory, in addition to the extensive RedtagBiz.com inventory of consumer electronics, hardware, sporting goods, and other products, through the RedtagBiz.com website.
"This acquisition leverages CrossMarket’s extensive brand name supplier base to provide unique offerings for RedtagBiz’ international base of retail customers," said Thomas J. Petters, chairman and CEO, RedtagBiz, Inc. "As a result of the merger, RedtagBiz will have access to popular products and opportunities, further serving its retail customers and exceeding their expectations. The acquisition of CrossMarket further solidifies the RedtagBiz leadership position in consumer goods trading exchanges both domestically and internationally."
"We believe that RedtagBiz is the premier Internet marketplace for buyers and sellers of consumer goods worldwide," said Mark Florence, president of CrossMarket . "The acquisition by RedtagBiz will allow our customers to access a wide range of brand name electronics, hardware and other consumer goods products from around the World, while opening a vast new sales channel for our supplier partners. RedtagBiz customers will benefit from CrossMarket`s extensive housewares and giftware supplier base, creating an unmatched `one stop shopping` opportunity."
About RedtagBiz, Inc.
Minneapolis, Minn.-based RedtagBiz, Inc., is focused on creating the first efficient worldwide business-to-business Internet marketplace for buying and selling consumer goods. RedtagBiz offers its participants a cost-effective, highly serviced on-line source for consumer electronics, hardware, housewares, giftware and seasonal merchandise. Thomas J. Petters, Chairman and CEO, founded RedtagBiz, Inc in 1999. Mr. Petters has more than 20 years experience in the business-to-business wholesale industry.
To become a participant of RedtagBiz, please log onto the Web site at http://www.redtagbiz.com, call 1-800-605-5364, or e-mail info@redtagbiz.com for additional information.
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