RealTime IT News

VerticalNet, BT Complete Joint Venture in Europe

[London, ENGLAND] Vertical trade community operator VerticalNet announced Monday it has now completed the formation of VerticalNet Europe, B.V., a joint venture with global telco BT and Internet Capital Group.

VerticalNet's trade communities cover such industry sectors as Communications, Energy, Financial Services, Food and Packaging, etc., each community providing users with comprehensive sources of information, interaction and e-commerce.

Following its success in the United States, VerticalNet established an international division, setting up joint ventures not only in Europe but also in Japan with SOFTBANK.

"With VerticalNet Europe we are entering the Internet's next hypergrowth market from a position of strength, with substantial existing international traffic and premier partners. Partnering with BT and Internet Capital will allow us to exploit this opportunity very rapidly," said Mark Walsh, president and chief executive of VerticalNet.

Alfred T. Mockett, chief executive of BT Ignite, said that finalizing the joint venture enables thousands of European businesses to have access to new markets and customers via the Internet.

"Establishing a regional presence in Europe with strong distribution channels will deliver the immediacy of the Internet to local businesses and will offer the most effective global end-to-end marketplace solution to our trading community members," claimed David Kostman, who was recently appointed president of VerticalNet International.

Among the services offered by VerticalNet are auctions, catalogs, bookstores, career centers and a whole array of e-commerce capabilities. Founded in 1995, it now has 57 communities, each identified by its own domain name, from digitalbroadcasting.com in the Communications sector to purchasingnetwork.com in the Services sector.

VerticalNet will announce its second quarter results July 26, after the market closes.