EBay buys Taiwan’s NeoCom in bid for Asian market

EBay Inc. is scooping up Taiwanese auction site operator NeoCom Technology Co. Ltd. in a bid to establish its presence in Taiwan’s robust e-commerce market, eBay said Tuesday.

With the purchase of NeoCom, eBay will acquire two auction-style sites, uBid.com.tw and Bid.com.tw. Both offer a full range of trading options and categories, eBay said.

The move is expected to bolster the San Jose, California-based company’s presence in Asia, where, according to eBay, Taiwan is the third-largest e-commerce market with 6.5 million people online. The Taiwanese sites will also allow the auction giant to edge its way into the Chinese market.

The online auction powerhouse placed a winning bid of US$9.5 million in cash for the Taiwanese company, plus an amount based on working capital adjustments to be determined. EBay said that it did not expect the transaction to affect its bottom line, but it did predict that increased operating expenses would reduce its earnings per diluted share for the second quarter of 2002 by a penny.

The company said that it now expects its pro forma earnings per share to come in at between $0.31 and $0.32 for the first half of 2002, and between $0.69 and $0.72 for the full year.

EBay, in San Jose, California, can be reached at +1-408-558-7400 or via the Web athttp://www.ebay.com

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

Empowering the hybrid workforce: how technology can build a better employee experience

Across the country, employees from organizations of all sizes expect flexibility...

What’s behind the best customer experience: How to make it real for your business

The best customer experience – the kind that builds businesses and...

Overcoming the obstacles to optimized operations

Network-driven optimization is a top priority for many Canadian business leaders...

Thriving amid Canada’s tech talent shortage

With today’s tight labour market, rising customer demands, fast-evolving cyber threats...

Staying protected and compliant in an evolving IT landscape

Canadian businesses have changed remarkably and quickly over the last few...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now