RealTime IT News

Nexchange Closing Its e-Doors

Syndicated e-commerce provider Nexchange Corp. late last night sent an e-mail to customers notifying them that it will be packing in its business over the next few weeks, InternetNews.com has learned.

Nexchange co-founder Joe Michaels told InternetNews.com Friday his firm was closing its doors because it could not find sufficient funding. Michaels declined to say how many employees would be let go, but said some would remain to look for a possible sale of the firm or its technology.

Founded in 1998, Nexchange is a privately-held company headquartered in Atlanta with an additional office in San Francisco.

This company e-mail was released Thursday night:

"We regret to inform you that Nexchange will be winding down our Syndicated e-commerce services. In preparation for this event, we recommend that you remove all Nexchange links on your website on or before Thursday, December 28, 2000. This includes links to Nexchange Merchants, Merchandised Content Packages and MarketPlaces. If you have any questions, please e-mail customercare@nexchange.com. We are very sorry for any inconvenience this may cause you or your visitors."

As recently as October, the company boasted that its network of content Web sites reached about 55.4 percent of all U.S. Internet users. That's according to PC Data. Nexchange's Web site clients include many sites which capture a significant amount of Internet traffic, including CNN.com, CNNfn.com, weather.com, TravelNow.com and the Cox Interactive Media network of 28 city portals.