ShopNow.com Continues Shopping Spree
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Chalking up its second acquisition in as many days, e-commerce player ShopNow.com Inc. did some shopping of its own Tuesday, buying business-to-business trading company Ubarter.com Inc., a business-to-business barter firm, for about $45 million in stock.
ShopNow (SPNW) will expand into the B2B space with the purchase, the company said. Ubarter.com (UBTR) oversees the transaction process for businesses by managing sales of business assets, excess inventory, surplus production, or services for other needed products and services. The acquisition is expected to close in the next few months.
Dwayne Walker, chairman and chief executive officer of ShopNow.com, said expanding its business customer base is a smart move for the company.
"Over 80 percent of the revenues for ShopNow.com now come from businesses," he said. The proposed acquisition of a business exchange like Ubarter.com will allow us to grow our business-to-business revenues more rapidly."
Tuesday's acquisition is one of a series of moves made by ShopNow to boost its business services. On Monday, the company bought bargain-shopping site Bottomdollar.com for $50 million in stock.
In October, the ShopNow took a minority stake in escrow.com, a developer of e-commerce processing and fulfillment for online auctions, business-to-business sites and business-to-consumer sites. The company has also partnered with online firms such as sixdegrees.com and About.com.