Lycos Takes Stake In Auction Service
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Lycos Inc. became the latest portal to try and capitalize on the online auction craze Tuesday. The company is taking a stake in Web auction and e-commerce solution provider FairMarket Inc., whose technology will drive Lycos' online auctions.
The agreement allows Lycos to purchase up to 9 percent of FairMarket.
"FairMarket has built a technically superior auction environment that effectively combines entertainment with interactivity," said Bob Davis, Lycos chief executive officer. "Online auctions have mass audience appeal and the FairMarket service will allow Lycos to benefit even more from this huge commerce opportunity."
"Lycos clearly recognizes the power of online auctions as a critical e-commerce component," said Scott Randall, founder and chief executive officer of FairMarket, Inc. "We look forward to a successful and growing alliance that combines FairMarket's expertise in online auction services with the massive reach of the Lycos Network."