VerticalNet sells its electronics exchange

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With its stock price taking it on the chin, VerticalNet Inc. agreed to sell its NECX electronics exchange to Converge Inc., a 15-member consortium of high-tech manufacturers and distributors. Specific terms weren’t disclosed, but VerticalNet will receive a 19.9% equity stake in Converge, becoming its largest shareholder. VerticalNet, which operates online b-to-b communities, purchased the three companies that comprise NECX last year. VerticalNet said the sale offers VerticalNet Solutions an opportunity to sell more software to the high-tech industry.
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