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| September/October 2004 |
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Canadian Co. Buys Polygon PolyGroup Ltd., owners of the Polygon online diamond and jewelry trading site (www.polygon.net), was bought by Mediagrif Interactive Technologies in September. Mediagrif is an e-business operator based in Montreal, Canada, which specializes in business-to-business transactions over the Internet. It owns and operates ten other networks, including The Broker Forum (www.brokerforum.com), Telecom Finders (www.telecomfinders.com) and Global Wine & Spirits (www.globalwinespirits.com). The total acquisition price will be US$8.4 million, cash. Jacques Voorhees, president of PolyGroup and founder of the Polygon site, will remain on board as president and CEO, and the sales, marketing, and customer support divisions will continue to be operated by the same staff. The technology platform and accounting functions will move to Montreal to be combined with Mediagrif's existing facilities. "As a for-profit company, Polygon was launched to either one day go public, or be acquired," says Voorhees of the reasons for the merger. Polygon was first approached by Mediagrif in October of 2001, and over the next two years negotiations went back and forth until the majority shareholders of Polygon felt the time — and the price — was right. "Also, it was clear to me as CEO that Polygon would thrive under Mediagrif ownership," Voorhees continues. "One of our strategic challenges in the coming years is to expand internationally. As a division of Mediagrif, a cash-rich public company with sophisticated technology and infrastructure, this will be much easier than it would have been on our own." Polygon's trading site is available through subscription only, with membership applicants screened to ensure legitimacy in the trade. At the time of acquisition, it had approximately 3,000 subscribers and a diamond database totaling $1.6 billion. BACK TO: News & Updates |
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