NetZero snatches online currency site RocketCash

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Free Internet service provider NetZero agreed to buy RocketCash Corp., a Mountain View, Calif., company that allows teens to make online purchases without a credit card. Under the terms of the deal, NetZero would issue about 5.6 million shares of stock for RocketCash. Based on NetZero's June 29 closing stock price, that would be worth about $36.5 million. The acquisition is expected to be completed in the fall. RocketCash users can pool promotional credits, checks, money orders, gift certificates or cash to make purchases through the RocketCash Currency Exchange. RocketCash said it has 110 e-tailers in its RocketCash Merchant Network, including Alloy Online, and Staples. RocketCash rival PocketCard is also said to be in talks about a potential buyout.

Copyright June 2000, Crain Communications Inc.

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