Horsham, PA January 2, 2002 Verticalnet announced this week that it has completed its acquisition of fellow e-business software company Atlas Commerce.
Verticalnet, which provides software for setting up corporate e-procurement portals, acquired all outstanding shares of Atlas Commerce in exchange for approximately 14.3 million shares of Verticalnet common stock and $3.5 million of cash. Verticalnet also assumed the Atlas Commerce employee stock option plan.
Atlas Commerce, which, like its new owner, is based near Philadelphia, provides software that allows companies to set up private trading exchanges.
Verticalnet President and CEO Mike Hagan said: "With the acquisition of Atlas Commerce, Verticalnet significantly accelerates its enterprise software business by offering an integrated collaborative sourcing solution that represents a powerful combination of both companies' assets."
Atlas Commerce's customer included Valvoline, Joy Global and TradeMC, a private exchange. Atlas was founded in 1998 and anticipated 2001 revenues of approximately $9.7 million.
Atlas Commerce President and CEO Robert Bernstock will join Verticalnet's board of directors.
