VerticalNet, Inc. (Nasdaq: VERT) rose 1 3/8 to 56 3/4 Monday after the Horsham, Pennsylvania-based operator of B2B marketplaces announced the formation of a European division through a joint venture with British Telecommunications Plc (NYSE: BT) and Internet Capital Group, Inc. (Nasdaq: ICGE).
“With VerticalNet Europe, we are entering the Internet’s next hypergrowth market from a position of strength, with substantial existing international traffic and premier partners,” said President and Chief Executive Officer Mark Walsh. “Partnering with BT and Internet Capital will allow us to exploit this opportunity very rapidly.” VerticalNet will be the majority shareholder in the venture.
Also Monday, Madison Securities began coverage of VerticalNet with an accumulate rating. VerticalNet plans to report second-quarter results after the close of trading Wednesday.