Vendio™ Acquires Majority Stake in Andale®
Leading Online Sales Management Firm Purchases Controlling Interest in Leading eBay Listing Management and Research Provider
SAN MATEO, Calif. June 9, 2006 — Vendio™, a leading provider of services that empower online merchants to reach consumers and manage transactions, today announced that it has acquired, for an undisclosed cash sum, a significant controlling interest in Andale®, Inc., one of the largest providers of listing management and research services for sellers on eBay®. Pursuant to this purchase, Vendio also appointed five directors to the Andale seven-member Board of Directors. Other details of the agreement were not disclosed.
This strategic investment has already enabled the two companies to share their experiences and leverage their strategic relationships to the benefit of all of their customers while operating businesses that can profitably reinvest in future development and marketing initiatives. Vendio recently announced its 17th consecutive quarter of profitability and brings a depth of relevant operational experience that can be transferred to help strengthen Andale's business significantly for the benefit of customers.
“We are delighted to have the opportunity to work more closely with Andale,” said Rodrigo Sales, CEO of Vendio. “Vendio and Andale have complementary strengths that have helped us collectively lead the industry as the two largest sales management providers with the most innovative applications for online merchants. We look forward to sharing the knowledge and relationships we've gained managing our profitable, growing business over the last four years with the Andale team. From economies of scale and category and geographic expansion to new services and technologies, this deal will result in a host of lucrative new opportunities for both companies and the customers they serve.”
The newly appointed Board of Directors named long time Andale executive, Ravi Garikipati, as Andale's new Chief Executive Officer upon the earlier resignation of Linda Hayes, who departed to explore another opportunity. Garikipati will manage the daily Andale operations as the two companies determine the best ways to leverage their respective strengths going forward.
“We've always had great respect for one another and recognized that if our complementary strengths and knowledge were leveraged, we would lead the industry with the most comprehensive and innovative solutions for online sellers,” stated Ravi Garikipati, CEO of Andale. “There's no doubt that our combined expertise and experience will deliver great new products for the entire industry.”
Vendio and Andale are working closely on several strategic initiatives that will produce new and expanded services for the entire seller community, while also exploring ways to further enhance Andale’s industry leading research solutions and Vendio's recently launched comparison shopping toolbar, Dealio™. (Dealio is the only comparison shopping search engine to effectively incorporate eBay listings – both traditional auctions and fixed price/storefront listings – into its search results).
About Andale
Andale is a leading provider of auction management and research and analytics services to online sellers of all sizes. Andale provides online sellers with listing tools, research and analytics services to give online sellers the "freedom to sell" and make informed business decisions. Andale's Auction management tools help sellers grow their online auction businesses across multiple channels and through distribution of Andale Stores through major search engines. Andale's customers are online sellers of all type's from casual sellers to high volume merchants. Andale is headquartered in Sunnyvale, California and opened offices in Bangalore, India, in 2002. For more information, visit www.andale.com.
About Vendio
Vendio is a leader in eCommerce, providing hosted software-as-a-service (SAAS) solutions for merchants. Vendio's consumer offering, Dealio, is one of the top Web 2.0 shopping sites providing coupons, comparison shopping, and user generated deals. Dealio is a direct descendant of Auctionwatch, Vendio’s pioneering comparison shopping search engine for auctions created in 1998. Today Dealio provides some of the best bargains and product depth of any shopping site by leveraging the thousands of stores hosted by Vendio.Vendio was founded in January, 1999 and is the independent leader in multi-channel online sales. Each year, tens of thousands of merchants use Vendio's sales management and merchandising services to sell over $1.6 billion of merchandise on both their own branded stores as well as the Web's leading marketplaces such as eBay. Vendio is a profitable Silicon Valley startup which acquired the assets of long time competitor Andale in 2006. The company is headquartered in San Mateo, CA with offices in Bucharest, Romania and Bangalore, India. Vendio is backed by Lighthouse Capital Partners and MVC Capital.
Vendio and Dealio are trademarks of Vendio Services, Inc. Andale is a registered trademark of Andale, Inc. eBay is a registered trademark of eBay, Inc. All other trademarks and registered trademarks are the property of their respective owners, without intent to infringe.
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