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Hoover's, GlobalNetFinancial.com Make Global Deal

[London, ENGLAND] Strengthening in particular their European operations at a stroke, Hoover's and GlobalNetFinancial.com Monday forged a strategic agreement for international content-sharing and distribution.

Online business information provider Hoover's will work with financial portal operator GlobalNetFinancial.com, creating what appears to be an excellent fit between the two companies.

Having last week opened four new sites in France, Germany, Italy and Spain, Hoover's Online Europe now has a presence across the continent. For its part, GlobalNetFinancial.com has an extensive network of dot-com European portals, including UK-iNvest, Deutscher-Finanzmarkt, Italia-iNvest, Neder-iNvest, Danmark-iNvest, France-iNvest, Norge-iNvest, Espana-iNvest, Ibero-iNvest, and Sverige-Finans.com.

Patrick Spain, Hoover's chief executive, said the alliance would extend and solidify the Hoover's brand to a growing European online audience. It would not only work through GlobalNet's portals but also through the strategic relationships that GlobalNet has established with top European ISPs like Freeserve and World Online.

Although originated in the United States, GlobalNet is stronger in Europe where it became the finance portal of choice on the highly successful U.K. ISP Freeserve which now has over two million members.

Recently, GlobalNetFinancial made a separate agreement with BT Europe to deliver financial news and e-finance services via Wireless Application Protocol (WAP) to a network of 22 million mobile phone users.

Referring to the latest deal with Hoover's, GlobalNet's Chief Operating Officer Ron Goldie commented that it would leverage the revenue-generating potential for GlobalNet's transactional platforms and further build the brand in the U.S.

Gehan Talwatte, managing director for Hoover's Online Europe, said strong partnerships like this one will be key to Hoover's success in the U.K. and throughout Europe.

"Partnering with GlobalNet will help us to quickly reach a critical mass of business users in Europe, just as Hoover's Online already does in the U.S.," said Talwatte.

Under the terms of the agreement, content from GlobalNet's UK-Wire and UK Today will be integrated within Hoover's Online properties, as will North American content from America-iNvest, On the Move, and Word on the Web.

Hoover's Company Capsules and IPO Capsules, containing corporate details, will be integrated within GlobalNet Web properties.

Whether Hoover's and GlobalNet move closer together towards further integration as a result of Monday's agreement remains to be seen.