Ninemsn grabs a piece of Ozbuy.com
- — 14 March, 2000 12:49
Ninemsn has announced it is to take equity in one of its ecommerce tenants, etailer ozbuy.com.
Discussing the equity agreement with ninemsn, Michael Glezerson, managing director and co-founder of ozbuy.com, claimed it is a strategic alliance with benefits other than real estate on its website.
The size of ninemsn's stake is undisclosed but it is described by Glezerson as "substantial".
According to Glezerson, there have been a number of companies looking for equity in the operation, but while there was no real need for additional funds, "it helps to have another substantial business partner".
Glezerson denied there was any pressure to hand over equity in the technology store to retain a presence on the site, although he added that the alliance with ninemsn will afford further promotional opportunities. And there was no suggestion of exclusivity about the arrangement.
"They have actively encouraged us to be on other sites," Glezerson said. He claimed that sales have been doubling every month since the site launched in October.