RealTime IT News

CMGI Takes Stake in B2B Firm

Internet incubator CMGI Inc. Friday took nearly a 5 percent slice of business-to-business Net firm divine interVentures inc.

Financial details were not disclosed.

Each company will look to promote products and services from each others' affiliates. The deal will allow Chicago-based divine interVentures to benefit from technologies and services from gained from the host of companies CMGI (CMGI) has acquired in the past few years. In return, CMGI will be able to offer start-ups and mature companies in its own network a variety of new business opportunities in the Midwest.

"We are pleased to support divine interVentures' emerging business model," said David Wetherell, CMGI's chairman and chief executive officer of CMGI. "We look forward to extending our reach and focus into the Midwest with divine interVentures' acquisition expertise, services and stable of growing companies."

Two weeks ago, CMGI's majority-owned advertising juggernaut Engage Technologies (ENGA) bought smaller advertising companies Flycast Communications and AdSmart from CMGI for $2.5 billion.