E-commerce application company Phoenix Summus Corp.
signed a letter of intent to acquire i-Transaction.net Ltd., a global
processor of e-commerce transactions.
Financial terms were not disclosed.
i-Transaction.net uses high-bandwidth Internet connections to process
financial transactions electronically for companies engaged in e-commerce,
credit card and other financial transactions.
“i-Transaction.net will allow us to offer a vertically integrated electronic
commerce solution to our customers,” said David Bruce, Director of Phoenix
Summus Corp.
Phoenix designs, develops and deploys business-to-business and
consumer-to-business e-commerce solutions and acts as the back-end
transaction processor for these systems.
Phoenix offers EDI, electronic funds transfer, and advertising and marketing
database support. Within the next nine months, Phoenix said it expects to
offer an extended e-commerce product line that will include an online grocery
shopping service and an online healthcare facility.
The online grocery shopping will encompass both shopping by consumers and
direct ordering by retailers from distributors, the company said. The health
and wellness product will link worldwide buyers and vendors of medical
supplies.