Lycos buys stake in e-commerce applications firm
- — 04 January, 2000 15:07
Lycos has agreed to buy a 14 per cent stake in privately-held Internet Commerce Services (iComs), which provides outsourced applications services to help businesses sell goods and services over the 'Net, iComs officials said.
Under an existing relationship, iComs already provides operational and merchant support as well as development services for LycoShop, Lycos' online shopping destination, the iComs officials said in a statement issued today.
Financial terms of the agreement were not disclosed.iComs will use the injection of financial support from Lycos to fund general operations, expand its infrastructure and pursue potential acquisitions, the company said. Lycos senior vice president Jeff Bennett was named to iComs' board of directors.
Separately today, Lycos said the number of unique visitors to LycoShop during the holiday shopping period increased 450 per cent on last year's figures.