CMGI, Pacific Century form CMGI Asia

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Andover, Mass.--Internet holding company CMGI has signed a pact with Pacific Century CyberWorks Ltd., Hong Kong, to form CMGI Asia. Hong Kong-based CMGI Asia, a 50-50 joint venture between CMGI and Pacific Century, will invest in and manage business-to-business and business-to-consumer electronic-commerce companies. The deal comes as other b-to-b companies, such as Pittsburgh-based FreeMarkets, are rushing to open Hong Kong- and Singapore-based offices as the nascent Asian b-to-b e-commerce marketplace begins to gain momentum. GartnerGroup, Stamford, Conn., has estimated that the Asian b-to-b e-commerce marketplace will hit $272 billion by 2003.
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