Shares of e-commerce solutions company Commerce One (Nasdaq: CMRC) gained nearly five percent in early trading today, rising 8-13/16 to 193-1/16 after the company announced that it is teaming up with Citigroup to launch an Internet marketplace. The companies will create a business-to-business (B2B) portal that will provide e-commerce services to Citigroup’s corporate customers.
Corporate buyers and suppliers will be linked to the new Citibank Procurement Connection Portal, which will host catalogs and process transactions. In addition, Citigroup will become the primary financial services provider on Commerce One’s MarketSite global trading portal. Shares of Citigroup gained 11/16 to 54-5/16 in early trading today.