Stock Watch: Onvia Gains on Acquisition, New President

Onvia.com Inc. (Nasdaq: ONVI) edged up in early trading Monday, rising 7/16 to 6 1/2. After the close of trading Friday, the company said it plans to buy Hardware.com Inc., and named Hardware’s chairman and chief executive officer, Mike Pickett, to the newly created post of president and chief operating officer.

Onvia said the Hardware.com purchase price is “less than $5 million,” and the deal is expected to close by early September. Hardware.com’s management and employees will join Onvia.

Pickett, the company said, will help the company speed its path to profitability, initially focusing on the company’s Purchase Now business as a way to get new customers.

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