Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Toronto-based Paymentech Canada, a unit of Paymentech Inc., is launching credit card and electronic payment programs for Canadian direct marketers that include expanded Internet credit card processing. The new clients are BUY.COM, an Internet retailer that offer a wide range of goods, and bamboo.com, an Internet real estate service provider. This recent business is projected by the firm to add approximately $75 million (Canadian) in annual processing sales volume to Paymentech Canada's portfolio. Paymentech currently processes electronic payments for more than 120 Canadian direct marketers and Internet retailers, it says.