Ariba to Buy SupplierMarket.com for $580M

FRAMINGHAM (06/27/2000) - Ariba Inc. Tuesday announced it will buy privately held SupplierMarket.com in a stock deal worth approximately US$580.8 million.

Ariba said the SupplierMarket.com deal will bolster its Internet-based technologies that allow customers to find new trading partners, negotiate contracts and collaborate online. Burlington, Massachusetts-based SupplierMarket.com specializes in collaborative sourcing, focusing on materials issues in various vertical markets.

Ariba will issue approximately 6.3 million shares of stock for the purchase.

The deal is expected to close in the third quarter.

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