Office Depot Selects PurchasePro.com as E-Commerce Solution
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Under terms of the agreement, PurchasePro.com will be the recommended Web based business-to-business e-commerce solution to be mass marketed to Office Depot customers and clients.
Office Depot will be featured as the exclusive preferred provider in the PurchasePro.com B2B e-marketplace. The two companies will jointly create the largest e-marketplace targeting small and medium-sized businesses.
Office Depot and PurchasePro.com will share in the multiple revenue opportunities including transaction fees, subscriptions, and advertising. Details of the investment were not disclosed.
PurchasePro.com will be advertised prominently on Office Depot's U.S. public Web site as well as in catalogs, direct mail pieces, and other advertising material. The two companies also agreed to conduct national e-commerce seminars aimed at small and medium sized businesses.
Office Depot currently owns 500,000 shares of PurchasePro.com's stock, including 400,000 shares purchased in the company's initial public offering in September 1999.
Office Depot holds warrants and other rights to acquire up to an additional 600,000 shares. PurchasePro.com's e-commerce solution is comprised of public and private "e-marketplaces" where businesses can buy and sell a range of products and services.