General Atlantic Buys webloyalty.com
Webloyalty.com's principal shareholders, including Canaan Partners and BCI Partners, sold their majority interest in the firm. Terms of the deal were not disclosed. CIBC World Markets Inc. advised webloyalty.com, Norwalk, CT, on the transaction.
General Atlantic will offer strategic and financial help to webloyalty.com. The 25-year-old General Atlantic has $8 billion in capital under management and investments in nearly 50 IT-related companies.
Founded in 1999, webloyalty.com creates customized programs and services for e-commerce, travel and other fee-based firms. Offerings include travel and entertainment discounts, shopping savings and home computer protection. The services are branded with the client's online look and feel.
Mickey Alam Khan covers Internet marketing campaigns and e-commerce, agency news as well as circulation for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters