Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Open Solutions Inc., a provider of integrated enterprise, Internet banking and e-commerce solutions for community banks and credit unions, has formed a partnership with Internet Tradeline, an e-business provider, to offer Internet-based, store-building solutions to Open Solutions' client institutions' small to midsized business customers.
Banks and credit unions using Glastonbury, Conn.-based Open Solutions' Open Community Network, an online marketplace, will begin offering their business customers an end-to-end, Internet-based business-building solution tied directly to their Internet bank and marketplace. Internet Tradeline builds, hosts and services the business merchant's online store. Additional services, including credit and debit card capabilities, are established and maintained for the merchants. Businesses banking with an Open Solutions client institution can have their online stores linked directly to New York City-based Internet Tradeline's Point & Shop Network, as well as the Open Solutions' Open Community Network Internet marketplace, where commercial and retail customers can complete Internet banking and e-commerce functions from the bank or credit union's branded Web site.
More than one-fourth of Open Solutions' customer base has already signed up for the Open Community Network, the company says.