CHANNELADVISOR MANAGEMENT TEAM PURCHASES MARKETPLACE MANAGEMENT SOLUTIONS FROM GOTO
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
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.
Contact:
Ashley Trotter
ChannelAdvisor Corporation
Ph: 919.465.3541
ashleyt@channeladvisor.com
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