Converge Signs $107.5 Million Deal With VerticalNet Solutions - TheStreet

Converge is buying $107.5 million worth of e-commerce systems and support from VerticalNet Solutions, once known as Tradeum Technologies.

Converge is the e-commerce exchange founded by

Hewlett-Packard

(HWP)

and 14 major technology companies.

The unit of Israel's VerticalNet

(VERT)

will provide Converge with software and technical support services over three years.

VerticalNet bought Tradeum in March in a stock swap worth $474 million at the time. Then VerticalNet traded at $142, $6 higher than today.

Tradeum has been converted into VerticalNet¿s independent solutions division. It maintains a development center in Jerusalem staffed by 100 engineers.

VerticalNet operates 58 B2B e-commerce exchanges, according to industry sources. Its three units,

VerticalNet Markets

,

VerticalNet Exchanges

and VerticalNet Solutions, function independently.

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