Internet company LibertyOne's online auction strategy has intensified with the announcement that it will extend its licensing arrangement with US auction house uBid into the Asian region.
LibertyOne secured the exclusive Australian and New Zealand licensing rights for uBid in July 1999, implementing them in Australia in October and in New Zealand just two weeks ago.
The additional deal entails the non-exclusive licensing of uBid's online auction software, documentation and intellectual property throughout Asia, including China, Korea, Japan, Singapore, Malaysia and Taiwan.
"We're now in a position to establish online auction businesses throughout Asia using technology and a business model that have already proven to be enormously successful," said Tim Burgess, chief operating officer at LibertyOne.
Burgess said LibertyOne was dedicated to the rapid deployment of Asian online auction sites, powered by uBid software and intellectual property.
The new arrangements were nutted out with new uBid owner CMGI at the same time as its purchasing negotiations with uBid. The acquisition, announced on February 10th, will be completed by May this year.