RUMOR MILL
Tuesday, April 4, 2000
UMG BACKS U.K.-BASED ONLINE DELIVERY SERVICE
$80 Million Investment Is Largest European E-Commerce Private-Equity Funding
Universal Music Group and InterTrust Technologies Corp. are among a consortium that is investing $80 million in digital commerce services company Magex.
The move represents one of the largest European e-commerce private-equity fundings ever.
London-based Magex provides a payment infrastructure for the delivery of digital music or video content over the Internet. Universal and other companies have already named Magex as their preferred provider of such services.
Others in the consortium include NatWest Bank, Reuters, GE Capital and Europ@web.
Magex plans to expand its East and West Coast operations in North America in the next six months.
The move represents one of the largest European e-commerce private-equity fundings ever.
London-based Magex provides a payment infrastructure for the delivery of digital music or video content over the Internet. Universal and other companies have already named Magex as their preferred provider of such services.
Others in the consortium include NatWest Bank, Reuters, GE Capital and Europ@web.
Magex plans to expand its East and West Coast operations in North America in the next six months.
