Verticalnet Completes Acquisition Of Atlas CommerceVerticalnet Completes Acquisition Of Atlas Commerce

Collaborative procurement software vendor Verticalnet Inc. has completed the acquisition of Atlas Commerce Inc., a private exchange and strategic sourcing software vendor, for $3.5 million in cash and 14.3 million shares of Verticalnet common stock.

Verticalnet CEO Mike Hagan says the acquisition will let the company offer an integrated procurement exchange platform that allows multiple entities to collaborate on sourcing and procurement.

Hagan says the deal helps solidify Verticalnet's transition from running trading exchanges to building software to operate the exchanges. Atlas Commerce president and CEO Robert F. Bernstock, who will serve on Verticalnet's board of directors, says the combination of his company's private exchange technology and Verticalnet's procurement offerings will better meet the needs of their joint customers.

The combined company's offerings will let trading partners privately share forecasts, orders, schedules, and changes that can result in improved inventory management and better planning. Bernstock termed the deal a marriage of two complementary businesses.