OUTSOURCED E-COMMERCE PROVIDER CHANNELWAVE, INC. ANNOUNCES SALE OF NON CORE ASSETS TO CLICK COMMERCE
Proceeds from sale intended to fund growth of e-commerce business, renamed Commerce5, Inc. effective immediately
ALISO VIEJO, Calif., February 7, 2005 -- ChannelWave, Inc., a managed service provider of on-demand e-commerce solutions, today announced the sale of its channel management division to Chicago-based Click Commerce (Nasdaq: CKCM) in a combined cash and equity transaction. Effective immediately, ChannelWave will operate as Commerce5, Inc. to reflect its sole focus on outsourced e-commerce.
The market rewarded Commerce5 in 2004 with several large e-commerce contracts and a large pipeline in 2005. The long-term cash proceeds from the Click Commerce transaction will strengthen the Commerce5 balance sheet and enable potential strategic investments supporting growth in the commerce business.
“2004 was an amazing year for our flagship commerce business, doubling sales and adding ten new blue chip clients,” said Rob Hagen, CEO of Commerce5. “The transaction with Click allows us to more aggressively pursue the most explosive and valuable part of our business.”
Last year, Commerce5, Inc. increased revenues over 100 percent while launching new online stores for Lexmark, D-Link, Logitech and ATI Technologies, and expanded engagements with Sony and Hewlett Packard.
“We are also very glad and extremely confident that our PRM clients who transitioned with the sale of the channel business have landed in a good home,” continued Rob Hagen. “We wish them much success in the future.”
About Commerce5
Commerce5, Inc. provides managed e-commerce services for hard goods manufacturers and software publishers. The company’s core commerce solutions deliver the industry’s leading connectivity into major distribution partners, enabling sophisticated, real-time fulfillment operations. Spun off from Buy.com in 1999, today, Commerce5 grows online sales for nearly 100 clients through its e-marketing solutions, delivering a leading-edge shopping experience to their direct to business and consumer online stores. Commerce5 is headquartered in Aliso Viejo, CA. More information is available at www.Commerce5.com or by calling (949) 448-4500.
Back...
