RealTime IT News

Freeserve Puts $15 Million Into GlobalNet Financial

Freeserve, the UK's leading free service ISP, has put $15 million into GlobalNet Financial.com (GLBN), the operator of UK-iNvest.com and a leading provider of MicroCap news and information on the Internet.

With the investment Freeserve gets an option to increase its stake in GLBN to 19.9 percent.

"We believe a closer relationship with Freeserve will help us expand at a much faster rate as well as maximize our equity value over the long term," said Stanley Hollander, president and CEO of GLBN.

"Cementing our relationship will enable us to work with GLBN to expand their financial Web sites world wides," said Freeserve CEO John Pluthero.

GLBN has a stated strategy of building market-specific financial Web sites in various markets around the world, working in alliance with key industry players.

Freeserve, which remains a subsidiary of electronics retailer Dixon's Group until being floated as a separate business, has garnered over 1.1 million accounts since its launch in September last year.