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RealTime IT News

Forman Interactive Secures 2nd Round of Financing

Forman Interactive Corp. in New York City said it has closed on a round of financing with Zackfoot Investments LLC and others.

The Secaucus, NJ-based venture capital firm Capital Express LLC, one of the earlier investors and a stockholder in the company, also participated in this round. In January of this year, Zackfoot Investments LLC made an initial private placement investment in Forman Interactive.

Financial specifics were not disclosed.

"We are pleased to report that our revenues have almost doubled since January of 1998," said Richard D. Forman, CEO of Forman Interactive.

Forman Interactive provides both software and hosting services for businesses planning to sell their products over the Internet. Potential clients are brought to Forman via the company's Web site, Register.Com, a free domain name registration service. Network Solutions is registering over 100,000 domain names a month and Forman said it believes it is handling over 5% of Network Solutions' business.

SiteAmerica, the brand name for Forman's hosting service, counts 1-800-BIRTHDAY, a gift and reminder service, and Saratoga Direct, a marketer of Land Rover accessories, among its more than 1,000 clients.