Intel is to buy e-commerce company iCat for an undisclosed sum. iCat, which sells software and services enabling companies to create Web based storefronts, will be acquired through an unnamed subsidiary of Intel and will be run as part of the chip giant?s New Business Group.
Intel said 12 employees were laid off last week, but the rest will be kept on, and it expects some to become Intel staff.
Intel has so far tended to prefer to invest minority stakes in companies rather than acquiring them outright. A spokesman for the company said that investment strategy will continue but the company will also look for acquisitions where appropriate.
Just where iCat fits into Intel isn?t clear. The chipmaker formed the Pandesic joint venture with SAP last year to offer similar ecommerce products and services to businesses - although this company has so far seen disappointing results. The spokesman said: "There are no plans to merge iCat with Pandesic. They offer complementary products serving different e-commerce areas."
The deal is expected to be completed by the end of the year
Source: VNU Newswire
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