BroadVisionInc. (Nasdaq: BVSN) rose 1 5/8 to 33 early Thursday after the company announced an e-business alliance with Intel Corp. (Nasdaq: INTC).
The two firms plan to develop and market products based on a combination of BroadVision’s e-commerce software and Intel’s servers.
The companies said each “will commit substantial engineering, professional services, sales, and marketing resources toward performance and technology optimization, co-marketing programs, and expanded field sales engagement.” They will also provide joint training and customer support.
Shares of Redwood City, California-based BroadVision have fallen along with other e-commerce stocks this year. Last March, the stock traded above 93 before setting a 52-week low of 17 3/8 in October. Global Capital Markets reportedly repeated a strong buy recommendation on BroadVision Thursday, setting a 6 to 12 month price target of 67.
Last month, the company issued a strong third-quarter earnings report. The company reported a 303 percent rise in third-quarter revenue to $102.2 million, as net income advanced to $13.6 million, or 5 cents per diluted share, from $4.5 million, or 2 cents, a year earlier.
President and chief executive officer Pehong Chen said the “spectacular growth” was a sign of robust market demand for BroadVision’s products.
“We are firing on all cylinders to expand our business in all dimensions, including new vertical market penetration, geographical distribution, partner contribution, new customer wins, and customer live sites,” Chen said.
BroadVision acquired 142 new customers during the latest quarter, for a total of 1,062. Northern Trust, Compaq Computer, Bertelsmann and UUNet Technologies use the company’s markets.
The Intel partnership follows agreements with Compaq, Hewlett-Packard and i2 Technologies, among others.