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.

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