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QXL.com links with Excite
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December 3, 1999: 7:26 a.m. ET
Shares in European online auction site soar 35% after deal with Web portal
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LONDON (CNNfn) - European online auctioneer QXL.com signed a co-branding deal with Excite Friday that gives the portal’s users access to the auction sites in four major markets.
The deal covers QXL.com’s sites in the United Kingdom, Germany, France and Italy. Neither company would disclose any financial details.
The auction site played down the significance of the link-up. "It’s a type of marketing deal that happens all the time in this industry,” said Alison Cabot, vice president of communications at QXL.com.
But investors had other ideas, as the shares rocketed almost 36 percent in London to 654 pence.
Under the deal the auction link on Excite’s home page takes users to a co-branded page with various links into QXL.com’s site.
The London and Nasdaq-listed auction site already has a strong relationship with AOL in Europe. QXL.com (QXL) saw subscriber numbers rise by 84 percent in its second quarter.
The company came to the market in a relatively downbeat IPO in October. The issue price of 195 pence came at a time when investors in Europe had grown wary of Internet stocks.
Since then the shares have performed strongly as sentiment recovered. Before Friday’s strong gains, the shares stood 147 percent higher over their IPO price. 
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QXL.com
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