RealTime IT News

AuctionWatch Now Vendio

Online sales management firm AuctionWatch, a privately held company that got its start marketing applications and services to help users improve the efficiency of online auctions, is changing its name to Vendio Services.

The San Bruno, Calif.-based company said the AuctionWatch name "no longer fits what we do."

Vendio (derived from the Latin root 'to sell') said the name change reflects the company's expansion into new services and its focus on multi-channel selling for small businesses. The company also announced its first full year of profitability.

"Our business has evolved significantly since our launch over four years ago as an independent forum to monitor and report trends in the emerging online auction space," said Rodrigo Sales, CEO of Vendio.

It has also apparently evolved profitably. The company said it has achieved one full year of profitability and one year of positive cash flows. Vendio also said it will be free of debt this quarter.

Gross merchandise sales (GMS) transacted through Vendio grew to nearly $50 million per month, up from $40 million a year earlier, the company said, and its customer base grew over 20 percent in the last year to more than 108,000 online merchants

Vendio enables merchants to build their online presence through online marketplaces such as eBay, Yahoo! and Amazon, through branded stores, via direct marketing, and through search services such as Froogle, by Google. The company offers variety of sales management services including online stores.