OpenSite Buys Auction Aggregator
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OpenSite Technologies Inc. Tuesday purchased auction aggregator Bidder's Edge Inc. in a deal it says will allow it to create a range of new dynamic marketplaces.
Terms of the deal were not disclosed.
OpenSite plans to combine its BidStream.com multi-auction search engine with auction portal Bidder's Edge. Bidder's Edge currently serves more than 300,000 users who participate in about 150 auctions a month.
Kip Frey, OpenSite's president and chief executive officer, said the deal is expected to increase the number of buyers and sellers across OpenSite affiliates, bringing about more dynamic pricing.
The transaction still must be approved by both companies' boards of directors.