RealTime IT News

Community Site Acquires E-Commerce Provider

Online community site theglobe.com Inc. Monday acquired online department store Azazz.com.

theglobe.com plans to issue 307,000 shares of new common stock to Azazz.com's parent, factorymall.com inc., to finance the deal.

Todd Krizelman, co-chief executive officer of theglobe.com, said the deal will significantly enhance the online community's shopping offerings and enable it to offer a broad array of products.

Of particular interest, Krizelman said, is Azazz's personal shopper application, which enables customers to community directly with live customer service representatives during each step of the transaction.

"Azazz! is a natural fit with theglobe.com's online community and will provide our users with a rich shopping experience in addition to our brand name content and member interaction, Krizelman said.

He said theglobe.com will continue to develop and acquire content and services to broaden its shopping offerings and make its technology more sophisticated.