EBay Buying Two Companies
May. 19, 1999
SAN JOSE, Calif. (AP) _ Online auction company eBay Inc. announced two deals to expand services on its Internet trading site.
EBay is acquiring Kruse International, an automobile auctioneer aimed at the collector market, and Billpoint Inc., a company that facilitates credit card payments over the Internet.
Kruse, based in Auburn, Ind., offers appraisal and authentication services and participates in about 40 car auctions per year.
As part of eBay's online auctions, sellers will use Billpoint to instantly accept credit cards. The Redwood City, Calif.-company also puts together reference reports for buyers, listing all their transactions, including status and refunds.
EBay will issue common stock worth about $275 million in making the acquisitions, the San Jose-based company said in a statement Tuesday.
EBay expects both transactions to close during the second quarter of this year.