SEATTLE--(BUSINESS WIRE)--Seattle-based Onvia.com, a b2b exchange for small business buyers and sellers, announced that it has reached a definitive agreement to acquire Globe-1 for 2.85 million shares of Onvia common stock. Based on the Tuesday, July 25, 2000 closing price of $9.375 per share, the consideration for the transaction is approximately $26.7 million.
Globe-1 is a government-to-business exchange that provides procurement services by electronically distributing more than 20,000 government agency bid solicitations and notices each month to targeted companies in its vendor pool of more than 450,000 companies. Globe-1 is contracted to serve government agencies in major U. S. cities including Austin, Atlanta, New York, Miami, Chicago, Los Angeles, Seattle, Phoenix, Milwaukee and San Francisco. Its blue chip client list also includes the State of Texas, State of Georgia, the U.S. Department of Commerce, and the U.S. Department of Defense.
Today, there are more than 100,000 government purchasing agencies in the U.S., the great majority of which do not have access to a small business exchange. The Globe-1 trading hub will reduce costs and information hurdles for government buyers who purchase goods and services from small, minority and disadvantaged firms.