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RealTime IT News

Open Market Acquires ICentral

Electronic commerce software provider Open Market, Inc. today announced the acquisition of store building software developer ICentral, Inc. for $10 million in stock and $1 million in cash.

Open Market said ICentral will be absorbed into its commerce unit, located in Provo, Utah.

ICentral is best known for its of ShopSite e-commerce software which is aimed at small- to medium-sized businesses looking to retail via the Web.

ShopSite provides users with tools to create electronic stores that feature management, sales and traffic data, encryption transaction, and online order fulfillment capabilities.

"Internet commerce represents an enormous opportunity not only for large companies but for businesses of all sizes," said Gary Eichhorn, president and CEO of Open Market. "With the acquisition of ICentral, Open Market's software provides everything that small and medium sized businesses need to be full participants in the networked marketplace."

"Commerce Service Providers around the globe are already using our Transact software to provide economical access to a world-class commercial infrastructure over the Internet," added Eichhorn. "Now, ShopSite will allow merchants to easily create their presence on the Web to take advantage of this infrastructure."

Open Market this week signed a bundling agreement with e-payment provider VeriFone to further boost adoption of its Transact product.