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Inktomi to Buy C2B for E-Commerce Boost

California: News and Insight on Business in the Golden
State | THE STATE / TECHNOLOGY

September 02, 1998|Bloomberg News

Inktomi Corp., an Internet search company, agreed to acquire C2B Technologies for $94.5 million in stock to expand into the electronic commerce market. Inktomi, which makes software to reduce Internet congestion as well as a popular search engine, will exchange 1.84 million of its shares for all outstanding C2B stock. C2B Technologies, which develops online comparison-shopping software, will give Inktomi a third product line and help it move into the $17-billion electronic commerce market. Both companies are based in San Mateo. Inktomi is following in the footsteps of No. 2 Internet search company Excite Inc. and leading online bookseller Amazon.com Inc., which have bought firms that develop online-shopping technology. Inktomi will hire 30 people from C2B. Inktomi shares rose $2.38 to close at $51.38 on Nasdaq. Based on that price, the stock portion of the transaction is valued at $94.5 million.

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