Internet Business's International Inc. acquires Auction-Sales.Com Inc.
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."
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