uBid

uBid.com is an online auction style and fixed-price shopping website that offers both goods sold directly by the company and items sold by pre-approved third party uBid-certified merchants. The site specializes in excess new, refurbished and overstock consumer electronics such as computers, electronics, home goods, jewelry, watches and cellular phones.

uBid.com
TypePrivate
IndustryOnline auction and fixed-price merchandise
FoundedChicago, Illinois, USA (1997)
Key people
Bob Geras, Chairman
Ketan Thakker, CEO/CFO
ProductsConsumer merchandise including electronics, computers, jewelry, fine art, housewares, computer accessories, and computers
Websitewww.ubid.com

History

uBid.com was formed and launched in 1997, originally as a subsidiary of PC Mall. In December 1998, during the dot-com bubble, the company became a public company via an initial public offering, and achieved a market capitalization value of over 1.8 billion dollars at one point. After pricing at $15/share, the stock price reached $67 per share on its first day of trading.[1][2] The company officially spun off from PC Mall with its co-founding management team in 1999. Ownership has changed multiple times over the years.[3][4][5] In 2000, CMGI (now Steel Connect) acquired uBid in a stock transaction.[6] In June 2001, the company reached an agreement to feature its listings on Yahoo! Auctions.[7] In November 2002, the company laid off 52 employees.[8] In 2003, CMGI sold uBid to Takumi Interactive, owned by Tom Petters and Petters Group Worldwide.[9] In 2006, the company acquired the assets of Bidville.com.[10]

In 2010 the company underwent an involuntary bankruptcy petition.[11] In October 2018, the company merged with Incumaker and in February 2019, the company changed its name to uBid Holdings, Inc.

Notes
  1. "uBid IPO soars four-fold". CNN. December 4, 1998.
  2. "Shares of uBid More Than Triple In Latest Successful Internet IPO". The Wall Street Journal. December 4, 1998.
  3. "CMGI To Acquire uBid.com". Retrieved 2009-12-01.
  4. "Takumi Interactive, Inc. Purchases uBid Business". Retrieved 2009-12-01.
  5. "Pink-Slip Monday for Ecommerce with uBid, eBay Layoffs". Retrieved 2009-12-30.
  6. "CMGI Agrees to Buy uBid In $407 Million Stock Deal". The Wall Street Journal. February 10, 2000.
  7. "uBid to sell on Yahoo! Auctions". American City Business Journals. June 20, 2001.
  8. "STATE OF ILLINOIS MONTHLY WARN ACTIVITY LISTING" (PDF). November 2002.
  9. Brown, Rodney (March 31, 2003). "CMGI sells uBid to Minnesota company". American City Business Journals.
  10. "uBid.com Holdings, Inc. Acquires Auction Assets of Bidville, Inc" (Press release). Globe Newswire. July 27, 2006.
  11. "uBid Auction Site's Parent Enable Holdings Forced into Bankruptcy". Retrieved 2011-08-03.
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