Direct retail marketing operator International Internet Inc., Boca Raton, FL, this week bought a majority interest in online auctioneer Auction Concepts Inc. (http://www.auctionfirst.com) for an undisclosed sum.
This corresponds with the strategy it announced last month, wherein it laid out plans to form separate subsidiaries or joint ventures in order to affiliate with investment partners who can offer management opportunities and investment capital to help the company expand into new Internet areas.
Auction Concepts, which generates its revenue from a variety of listings fees charged to sellers and a commission fee based on the final selling price of merchandise, is International Internet’s first acquisition in what it hopes will be a long line of similar investments.
