Sign In
NewsRadar

Search Press
Looking for press releases of a particular company? Enter company name (or keyword) here.

   


Digital Union acquired by Verticalnet


Guildford, UK and Malvern, PA –25th July 2005- Digital Union Limited, the real-time sourcing and procurement specialist, today announced that it has been acquired by Verticalnet, Inc. (Nasdaq: VERT), a leading provider of supply management solutions. The acquisition brings together Verticalnet’s expertise in end-to-end supply management with Digital Union’s advanced negotiation and eProcurement experience and will result in one of the most comprehensive supply management solutions available on the market today. The transaction will see the issue of approximately 4.5 million shares of Verticalnet common stock to Digital Union shareholders. The terms of the acquisition also include a provision that enables Digital Union's shareholders to receive up to an additional 3.5 million Verticalnet shares based upon the achievement of revenue milestones within the first year after the closing of the transaction.

Founded in 1995, Verticalnet has a strong history of delivering real value across the supply management lifecycle to Global 2000 customers, such as Cadbury-Schweppes, IKEA, Mittal Steel, PepsiCo, and Wyeth Pharmaceuticals. Since its inception in 1998, Digital Union has improved the sourcing processes of many large enterprises and small to mid-sized companies with customers that include Kidde, Petro Canada, Safeway, Sunseeker, Tesco, the WorldWide Retail Exchange (WWRE) and their clients such as Tesco, Walgreens, and Marks and Spencer. Together the two companies will offer increased value to their combined customer and partner base.

“Digital Union has long been committed to providing the most creative and cost-effective processes for sourcing, procurement and customer service practices, and the combined company is uniquely positioned to execute on that vision,” said Patrick (Paddy) Lawton, founder of Digital Union and President of Verticalnet Europe. “The combination will present a significantly enhanced product portfolio to our customers and partners, increased market expansion and a wealth of shared experience. The Verticalnet and Digital Union management teams have remarkably consistent views of the market and I’m excited to join the Verticalnet team.”


Digital Union will be operated as a Verticalnet company initially under the Digital Union name. Sales, marketing and administrative functions will be combined and Verticalnet's European headquarters will be in Guildford, Surrey. Both Verticalnet and Digital Union customer delivery organizations focused on product development, consulting services, software implementation and customer support remain in tact which will allow current Verticalnet and Digital Union customers to enjoy consistent support, while benefiting from an enhanced set of choices going forward.

“With solutions designed by and for more than thirty-five global retailers and their trading partners, Digital Union has been an anchor technology provider and strategic partner of the WorldWide Retail Exchange,” said Maureen Phillips-Houser, WWRE Vice President of Sourcing Solutions.

“Our members have conducted and saved several billion dollars in sourced volume using the Digital Union platform, enabling tens of thousands of suppliers to drive cost and time optimized sales revenues. We believe that Digital Union’s combination with Verticalnet marks a very positive development for our business, opening up a broader solutions portfolio, deeper local support in the USA and world-class services. We are confident that Verticalnet's acquisition of Digital Union will significantly enhance our already successful relationship and value proposition to our member base.' More information about WWRE can be found at their Website located at: http://www.worldwideretailexchange.org/cs/en/index.htm.

“The combination of Verticalnet and Digital Union will benefit customers and prospects of both companies through a global, on-demand supply management platform that features Digital Union’s on-demand procurement and advanced


Publisher Contact Information:

Digital Union Limited (Acquired by Verticalnet Inc.)
+44 1483 889 483
Patrick.Lawton@DigitalUnion.com

Company profile of Digital Union Limited (Acquired by Verticalnet Inc.)
Past press releases of Digital Union Limited (Acquired by Verticalnet Inc.).

Data


27,026
Tech investments
From our Online Data Service
17,443
VC-backed companies
From our Radar


Recent Deals


DATEAMOUNTSECTOR
Nov 25€24.0MInternet commerce
May 30€15.0MBiopharmaceuticals
May 28€15.0MDiagnostics
May 28€1.3MInternet services
May 25€1.0MOther Software
May 22N/AInternet services
May 20€4.3MArtificial Intelligence

For information on Europe's most extensive database on technology funding click here!

Events



Press Releases


May 28
Identiq
identiq raises $5m seed, launches privacy-first identity validation...

Apr 29
Nethone
nethone raised over $1 million from innovation nest

Mar 31
CompPair
the fit allocates chf 100'000 to comppair technologies

Jan 29
Yumpingo
yumpingo raises $10m to transform guest experiences in restaurants

Oct 1
The Link App
the link app launches version 2.0





About usContact usLegal Information
Copyright © 1999-2019
Emerging Technology Research Europe Inc. All rights reserved.