Lycos Buys Stake in GlobeComm
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Lycos today announced the purchase of one million shares of stock in e-mail provider GlobeComm, Inc., in exchange for approximately 100,000 shares of Lycos Common Stock, valued at $4 million.
Lycos currently uses GlobeComm unit iname's e-mail addresses and services in providing their own customers with free e-mail. The new alliance allows Lycos-subsidiary Tripod to also add free e-mail services to its community of one million members.
"Lycos has seen hundreds of thousands of individuals registering for e-mail on our site since we began offering free e-mail in October of last year," said Bob Davis, president and CEO of Lycos. "This purchase of GlobeComm stock by Lycos allows us to have a much closer working relationship with a very strategic partner. With iName, we offer the best, most innovative e-mail products available online today."