dcsimg
RealTime IT News

Commerce One Buys Veo Systems

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.

"XML technology is the next great leap forward in unlocking the potential of business-to-business Internet commerce, since it will simplify the exchange of information between trading communities and dramatically reduce costs," Hoffman said.

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.



×
We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.