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RealTime IT News

Yahoo! Buys E-Commerce Billing Firm

Just a few days after launching a new B2B online marketplace, Yahoo! Inc. Thursday made an acquisition that will allow individuals to exchange electronic payments.

The portal giant purchased e-billing firm Arthas.com Inc., which operates under the name dotBank.com. Arthas.com's platform lets individuals electronically exchange money and pay bills online. All that is required is a valid e-mail address.

Terms of the deal were not disclosed.

Yahoo! (YHOO) later this year plans to formally launch the service under the name Yahoo! PayDirect. The service will be featured throughout its network.

"We couldn't be happier to join the Yahoo! team," said Robert Simon, co-founder of Arthas.com Inc. "By joining the Web's leading enabler of commerce, we can deliver our easy-to-use, secure, cost-effective payment solutions to the world's largest audience of online purchasers."

On Monday, Yahoo! launched a new B2B directory featuring more than 48,000 items in 650 categories. The service is designed to allow businesses to buy and sell items most commonly needed directly from one another.

America Online Inc. is launching a similiar service in conjunction with Purchase Pro.