Community Site Acquires E-Commerce Provider
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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.
He said theglobe.com will continue to develop and acquire content and services to broaden its shopping offerings and make its technology more sophisticated.