News Burst: Adabra.com disappears
Published: 31 Jul 2000 11:03 BST
Adabra.com, which launched a group-buying service last autumn, has sold its business and brand to Dealpartners Network in the latest aftershock of April's dot-com downturn.
Since spring, funding has dried up for Internet startups, after a European startup investment bonanza that lasted just a few months. Adabra, launched during the height of the boom in October, used the innovative group-buying business model, in which the price of an item goes down the more people sign up to purchase it. Other European sites to use the model include letsbuyit.com, which recently made its debut on the Frankfurt stock exchange.
Dealpartners will take over the group-buying service on the adabra.com Web site, as well as cobranded group-buying services distributed by adabra's partners, including LineOne and Alta Vista. Dealpartners also runs e-commerce services for French Web sites such as bonjour.fr, parissi.com, Xoom.fr and selftrade.com.
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