RealTime IT News

Icon International Raises $95 Million to Fund New Web Entity

Icon International Wednesday raised $95 million of financing to fund its impending e-business company.

Icon, a leading surplus and excess inventory solutions provider with annual revenues of $120 million, will use the money to complete the development of a Web site where clients may conduct business-to-business transactions to buy and sell goods and inventory. In addition, customers will be able to select from a broad array of Icon's strategic services including inventory disposition, channel control, merchandising, comprehensive logistics and sophisticated finance solutions that go beyond cash settlements.

Icon said it will complete this plan to address a growing online marketplace that has been served predominately by business-to-business auction sites. Icon provides a full suite of solutions for buyers and sellers.

Icon International boasts a 15-year operating heritage managing customers' million dollar excess inventory solutions. Corporate clients include blue-chip Fortune 1000 companies, such as Fort James Corp., Carrier Corp., Mazda, Tyson Foods and Best Foods. Its new online company will leverage Icon's expertise in creating the best solutions for moving aftermarket inventory across a broader marketplace.

"We believe the continued growth of online business-to-business auction sites is great news for the marketplace," said Lance Lundberg, chairman of Icon International. "We already are partnering with some auction and e-tail sites to move their returns, unsold products and inventory. In addition, we're aggressively seeking additional global strategic partners to offer international and vertical merchandising with logistics expertise."