RealTime IT News

ICG Acquires Stake in Finance Site

Internet incubator Internet Capital Group Thursday forked over $450 million in stock for a stake in finance site eCredit.com.

Specific financial terms were not disclosed.

eCredit.com is the market leader in connecting businesses to financing partners and global information sources to permit real-time, credit and financing decisions. Its global financing network is the first Internet-based integrated financial transaction-processing platform capable of consummating transactions online in real time.

ICG (ICGE) will use eCredit.com's technology to allow its partners and other businesses to offer a variety of online payment options such as trade credit, leases, loans and other financing alternatives.

"eCredit.com's role in financial fulfillment is at the core of doing business on the Web and will serve as a cornerstone for our vision of providing a complete infrastructure solution for our e-commerce partners," said Ken Fox, co-founder and managing director at Internet Capital Group.

"eCredit.com's ability to cut processing time for credit and financing applications, by providing direct links between businesses and financial institutions, makes it a market leader in the e-commerce financial services industry."