eBay has signed an agreement to acquire auction technology firm FairMarket, Inc. for $4.5 million in cash.
The two companies have worked together since April 2002, when an agreement was signed to create and promote third-party promotions and loyalty programs. The acquisition is expected to close in the third quarter.
Some employees of FairMarket are expected to be hired by eBay. Woburn, MA-based FairMarket said in a statement that the company expects to schedule distribution of approximately $38 million to stockholders sometime after the eBay transaction closes.
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