Freeserve, the UK’s
leading free service ISP, has put $15 million into
GlobalNet Financial.com (GLBN), the operator of
UK-iNvest.com and a leading
provider of MicroCap news and information on the Internet.
With
the investment Freeserve gets an option to increase its stake
in GLBN to 19.9 percent.
“We believe a closer
relationship with Freeserve will help us expand at a much faster rate
as well as maximize our equity value over the long term,” said Stanley Hollander, president and CEO of GLBN.
“Cementing our relationship will
enable us to work with GLBN to expand their financial Web sites world wides,” said Freeserve CEO John Pluthero.
GLBN has a stated strategy of building market-specific financial Web sites
in various markets around the world, working in alliance with key
industry players.
Freeserve, which remains a subsidiary of electronics
retailer Dixon’s Group until being floated as a separate business, has
garnered over 1.1 million accounts since its launch in September last year.