E-COMMERCE
Plans for Internet firm are scrapped
20-12-2000
by Aoidin Scully
It has been revealed that plans for Internet firm Redhotwire have been scrapped, and a merger between Aardvark, VisTech, and GlobeTech will not go ahead.
Last year Vistech announced plans to merge with three other Internet companies -- Aardvark, GlobeTech and the US fulfilment house ShipEcommerce, to form a "one-stop e-commerce solutions provider" to be known as Redhotwire. At the time, the three companies said it would be the biggest Internet firm in Ireland, with a combined turnover of about USD12.5 million.
However, Frank Schoonbaert, the former Vice President of Sales and Marketing at Redhotwire confirmed that the company had failed to get organised and its plans had collapsed.
"Redhotwire was initially a marketing co-operative between three companies. That marketing co-operation was based on the merger of those companies. That merger did not take place," Schoonbaert said.
Schoonbaert declined to say why the proposed merger was cancelled.
The assets and intellectual property associated with Redhotwire have now been taken over by Aardvark, which has not yet decided what its next move will be, according to Schoonbaert.
Schoonbaert is now involved with the credit card processing company multicurrency.com, which he said, is completely separate from Redhotwire. The company aims to simplify the process of making payment in foreign currencies on Web sites.
Cork-based Aardvark is a Web development company established in 1995. Clients include The Sunday Business Post, Eircell and Banta Global Turnkey.
Meanwhile, Vistech is close to raising up to IEP3 million in funding, the Sunday Business Post reports. The funding will be used to expand the Cork-based company's product range and market these to British and European markets.
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