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Phoenix Summus to Acquire i-Transaction.net

E-commerce application company Phoenix Summus Corp. signed a letter of intent to acquire i-Transaction.net Ltd., a global processor of e-commerce transactions.

Financial terms were not disclosed.

i-Transaction.net uses high-bandwidth Internet connections to process financial transactions electronically for companies engaged in e-commerce, credit card and other financial transactions.

"i-Transaction.net will allow us to offer a vertically integrated electronic commerce solution to our customers," said David Bruce, Director of Phoenix Summus Corp.

Phoenix designs, develops and deploys business-to-business and consumer-to-business e-commerce solutions and acts as the back-end transaction processor for these systems.

Phoenix offers EDI, electronic funds transfer, and advertising and marketing database support. Within the next nine months, Phoenix said it expects to offer an extended e-commerce product line that will include an online grocery shopping service and an online healthcare facility.

The online grocery shopping will encompass both shopping by consumers and direct ordering by retailers from distributors, the company said. The health and wellness product will link worldwide buyers and vendors of medical supplies.