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VerticalNet closing its Israel branch

Company built its Israel outfit on Tradeum, a startup bought in early 2000 for $0.5 billion in stock

Horsham, Pennsylvania-based Internet company VerticalNet is closing down its Israeli branch, has learned.

Some of its 30 local employees have been offered positions at the parent company in the U.S.

VerticalNet's Israeli branch, built on the foundation of Internet B2B startup Tradeum, served as the company's development center. The American firm acquired Tradeum in March 2000 for almost half a billion dollars worth of stock.

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