VerticalNet Finalizes Buyout Of Atlas CommerceVerticalNet Finalizes Buyout Of Atlas Commerce

Collaborative-procurement software maker VerticalNet Inc. (VERT-Nasdaq) has completed its buyout of Atlas Commerce Inc., a private exchange and strategic-sourcing software vendor for $3.5 million in cash and 14.3 million shares of common stock. VerticalNet CEO Mike Hagan says the deal solidifies the company's transition from running trading exchanges to building software to operate them. Atlas Commerce president and CEO Robert Bernstock, who will serve on VerticalNet's board, says the combination of his company's private-exchange technology and VerticalNet's line of procurement products will better meet the needs of their shared customers.