Internet Portal Excite to Buy Web-Site FirmAnd Form Alliance with Payment Processor
Snel, Ross, American Banker
ExciteHome, the Internet portal and broad-band cable Internet access company, has announced a deal to buy iMALL Inc. and a strategic partnership with First Data Merchant Services Corp.
The moves would let the Redwood City, Calif., company equip merchants with electronic commerce capabilities and connect them with the 22 million consumers who shop on ExciteHome's site every month.
"We have in a single step become a leader" in offering electronic commerce software to merchants, said George Bell, president of ExciteHome, which is the result of a recent merger between Excite Inc. and Home Network.
ExciteHome's marketing partnership with First Data Merchant Services, a unit of Atlanta-based First Data Corp. that currently owns 11% of iMALL, is to last 10 years.
iMALL recently signed a joint marketing agreement with First Data Merchant Services to sell merchants turnkey electronic commerce systems that use First Data's payment processing capabilities. Marketing of the combined offering began last month.
The ExciteHome deal will continue that relationship. First Data would market the services through 10 large banks to their merchant clients. Meanwhile, ExciteHome will continue to market the iMALL/First Data offering through third-party resellers like International Business Machines Corp.
After the acquisition is closed, iMALL is to operate as an independent subsidiary and report to the Work business services division.
Founded in 1994, Santa Monica, Calif.-based iMALL helps businesses create Web sites and establish merchant bank accounts on-line. …
Questia, a part of Gale, Cengage Learning. www.questia.com
Article title: Internet Portal Excite to Buy Web-Site FirmAnd Form Alliance with Payment Processor.
Contributors: Snel, Ross - Author.
Magazine title: American Banker.
Publication date: July 15, 1999.
Page number: 8.
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