What is Vcommerce announcing today?
Vcommerce is announcing a strategic partnership with ICG. ICG has purchased $13 million of Series B Participating Preferred Stock for a 36% interest on a primary basis (28% on a fully diluted basis) in Vcommerce Corporation and will hold two of six Vcommerce board seats. Vcommerce will use approximately $5.5 million of this financing to redeem preferred shares from existing shareholders and the remainder of the proceeds will be used for working capital.
