Verticalnet, Inc. was a host of 43 business-to-business (B2B) procurement portals headquartered in Horsham, Pennsylvania.[2] It was famous for its market capitalization of $10.89 billion on March 10, 2000, during the dot-com bubble,[3] despite sales of only $112.5 million in 2000. Verticalnet was acquired by Bravo Solutions in 2008 for $15.2 million.
History
Verticalnet was founded in 1995 by Michael McNulty and Michael Hagan with a site called WaterOnline.[2]
In 1997, Mark Walsh joined the company as its chief executive officer.
In 1999, on the first day of trading after its initial public offering, its shares increased in value by 180%, valuing the company at $1.6 billion, despite only having $3.6 million in quarterly revenue. The company had 1,300 advertisers, each of which were paying $6,000 per year. At that time, Internet Capital Group, now Actua Corporation