RealTime IT News

Lycos Europe Secures $15 Million in Agreements

Lycos Europe announced today it signed in excess of $15 million in electronic commerce agreements in the last 60 days, including a $5.5 million deal with CDnow and an agreement that makes Lycos the exclusive search technology throughout Europe for America Online.

Other agreements with European companies include: Grolier Interactive Europe; World Media Live; The Mirror Group; French financial newspaper LesEchos; German financial newspaper Handelsbatt; SportsLife; and Bloomberg News.

"The European market has long been a strategic focus for Lycos. Various market research companies, including Forrester Research, predict European e-commerce should generate over $62 billion by 2001," said Bob Davis, CEO of Lycos.

"Lycos is taking the lead in this ballooning market by providing the most comprehensive pan-European platform, offering users the best content and e-commerce services, and advertisers the most targeted access to consumers."

Lycos Europe is a joint venture between Lycos, Inc. of Waltham, MA, and Bertelsmann, AG, one of the world's largest media groups. Lycos-Bertelsmann GmbH has offices in Germany, Italy, France, Spain, The Netherlands and the UK.

Referring to the structure of the company, Davis commented: "Our joint venture with media giant Bertelsmann gives us a unique competitive advantage in developing alliances with top European companies. These alliances have contributed to the more than 300 percent sales growth for Lycos Europe over the last year."