Commerce One Buys Veo Systems
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Commerce One Inc. Tuesday acquired of Veo Systems Inc., a privately-held company specializing in the development of Extensible Markup Language (XML) for e-commerce applications.
No financial terms of the acquisition were disclosed, but Commerce One, an enterprise procurement company, said the acquisition will accelerate the pace of open XML-based business-to-business e-commerce solutions.
Veo System's XML technology will be integrated into Commerce One's Commerce Chain Solution, technology designed to develop a trading community between an enterprise and its suppliers, delivered through the Internet.
Commerce One and Veo Systems share the vision of XML leading open trading networks into the future, according to Mark Hoffman, Commerce One's president and chief executive officer.
Under terms of the acquisition, Asim Abdullah, Veo Systems' president and chief executive officer and Chairman Jay M. Tenenbaum will both join Commerce One's executive management team and board of directors.
"By combining Commerce One's applications with Veo System's XML technology, Commerce One is uniquely positioned to deliver dynamic open trading partner communities that significantly increase operational efficiencies and reduce costs for both communities participating in online commerce," Tenenbaum said.