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PurchasePro.com, Sprint In E-Commerce Pact

PurchasePro.com Inc. and Sprint Friday signed an e-commerce deal worth $136 million that has Sprint promoting PurchasePro.com's business-to-business e-commerce solution to its clients.

Sprint will purchase 900,000 shares of PurchasePro.com common stock and may earn up to an additional 900,000 shares of PurchasePro.com common stock if revenue targets are met.

The agreement positions Sprint (FON) as the preferred communications provider on the PurchasePro.com (PPRO) network.

The PurchasePro.com agreement establishes Sprint as a leader in the lucrative business-to-business e-commerce space.

"With a browser and a password, Sprint's business customers will have immediate access to our powerful e-commerce solution," said Charles E. Johnson, Jr., chairman and chief executive officer of PurchasePro.com.

"I believe the addition of Sprint's business customers to our e-marketplace will accelerate the benefits of the network effect and continue building critical mass to our e-marketplace, which is the key to being the leader in business-to-business e-commerce. This is an important step towards reaching our objective."

PurchasePro.com is a leading provider of Internet business-to-business electronic commerce services. The company's e-commerce solution consists of "e-marketplaces" where businesses can buy and sell a wide range of products and services in an efficient manner.