MarchFirst, Inc. (Nasdaq: MRCH) was down 9/16 to 20 3/4 in morning trading Monday after the company said it would spin off its B2B company, MarketsWork.
The New York-based MarketsWork is launching a network of vertical marketplaces aimed at U.S. and European companies. The division has secured more than $50 million in financing and is currently raising additional capital, MarchFirst said. Willis Stein & Partners is the primary investor, with a $42 million stake.
MarchFirst, headquartered in Chicago, Illinois, is an Internet consulting company.