RealTime IT News

ICOMS Closes $2.3 Million Equity Financing

Nashua, NH-based Internet Commerce Services Corp. (ICOMS), a provider of Internet commerce transaction services, said it closed first-round equity financing of $2.3 million from Corning Capital, Inter-Pacific Fund, Welsh and Forbes, and private investors.

The funds will support the company's business model of providing the MerchantTrax electronic commerce service to retail and business-to-business merchants selling goods and services on the Web.

ICOMS' services enable merchants to establish a high-end, secure and reliable e-commerce site without a large investment. ICOMS provides merchants such outsource services as order capture, order processing, credit card authorization and settlement, order fulfillment management, and customer service.

Merchants can also offer one-to-one customized pricing, receive payments in a variety of currencies, deliver digital goods, manage subscriptions, and integrate with logistics suppliers.

"Most companies that begin a Web sales initiative have little idea how complex, time consuming and costly developing a secure e-commerce system can be," said Sam Foster, General Partner at Corning Capital.

"ICOMS gives companies the option to outsource their e-commerce requirements to create a sophisticated, integrated e-commerce system quickly with less cost, risk, and overhead. We believe the ICOMS model makes the most sense for the vast majority of businesses who will be selling on the Web."

ICOMS offers its services through partnerships with those who provide other Internet-related services, as well as directly to large retail and business- to-business merchant customers. Resellers include USWest, GeoCities, and Buy-IT-Online.

Merchant customers include Hasbro, Philips Electronics, Random House, Houghton-Mifflin, Progress Software, Eastman (Kodak) Software, and Bloomberg.