Misery Loves Company
Two struggling Internet consulting firms have decided to try to jointly battle their way out of the tech downturn. Scient, based in New York City, has agreed to merge with iXL Enterprises of Atlanta to form a new company, based in New York, that will operate under the Scient name. The companies believe they can achieve $100 million in annual savings through the merger.
Entigo Signs Michelin
Entigo, a Vienna, Va., company that offers sell- and service-side e-commerce apps, landed a deal to create a business portal for tire maker Michelin. The portal will let Michelins North American dealers, distributors and fleet purchasers place orders and access data.
Discount broker Ameritrade Holding announced plans to buy the online brokerage business of National Discount Brokers from Deutsche Bank for about $154 million in stock. The deal comes as Ameritrade and rivals struggle to maintain revenue and individual investors retreat after being battered by the tech stock crash. Analysts say the move may portend an industry consolidation.