Network Commerce Gears Up to Launch Digital Wallet
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Network Commerce has taken a step towards providing an easier unified shopping process through an acquisition which will provide customers with personal digital wallets and unified checkout.
The Seattle based company yesterday announced the acquisition of IveBeenGood.com of UberWorks, a subsidiary of Trilogy, Inc.
Under the terms of the agreement, Network Commerce acquired UberWorks through the issuance of approximately 2.6 million shares of common stock, which is subject to adjustment.
Launched in July 1999, UberWorks provides multi-merchant e-commerce purchasing tools and universal shopping cart technology to Internet sites and also provides streamlined online purchasing.
Network Commerce expects to integrate the technology across both the Network Commerce Consumer Network and the Network Commerce Business Network in the third and fourth quarters of 2000.
According to Dwayne Walker, chairman and chief executive officer of Network Commerce, the addition of UberWorks' technology and expertise to Network Commerce will significantly enhance the value of the companys commerce networks to their business and merchant partners.
"The technology will give businesses greater commerce functionality by allowing a direct interface between buyers and sellers without leaving our Internet and wireless commerce networks," says Walker.
The company will generate revenue through licensing the technology and through the delivery of actual orders and transactions to thousands of Network Commerce merchants.
"We fully expect this acquisition to contribute to our overall growth and to help us continue to move our Consumer Network towards break-even in the fourth quarter of 2000, and to profitability in the first quarter of 2001, ahead of internal schedules," said the CEO.
Network Commerce intends to move UberWorks' operations from Austin to its headquarters in Seattle and expects to retain all employees.