Shares of Internet holding company CMGI (Nasdaq: CMGI) climbed 8-1/16 to 276-7/8 on Friday as the company capped off 1999 by adding yet another company to its online marketing/advertising arsenal. CMGI announced that it has agreed to buy 80 percent of Germany-based online advertising management solutions company ADTECH.
CMGI plans to merge ADTECH with AdForce, which the company agreed to acquire in September. CMGI also owns companies including Engage Technologies, Flycast, AdSmart and Yesmail.com, which all offer online marketing/advertising services. CMGI is making a big push to unseat Doubleclick as the leader in this area, but it looks like there is room for more than one major player.
The stocks of both CMGI and Doubleclick had marvelous years in 1999. Shares of Doubleclick closed up 6-3/16 to 253-3/16 on Friday. Doubleclick traded as low as 21-13/16 a share in 1999. CMGI stock, meanwhile, traded as low as 26-1/4.