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Open Market loss widens

The e-commerce provider reports a net loss of $41.1 million, blamed in large part on acquisitions.

Internet commerce software provider Open Market (OMKT) today reported a widening first-quarter loss it attributed in large part on acquisitions.

Open Market reported a net loss of $41.1 million, or $1.39 per share, for the period ending March 31, compared with a loss of $6.9 million, or 26 cents a share, a year earlier.

The company noted, however, that excluding a charge for research and technology in progress, it would have posted a loss of $6.9 million, or 23 cents a share, for the quarter.

That was slightly better than Wall Street's expectations of a loss of 25 cents a share, according to First Call.

Revenues rose to $11.4 million in the quarter, up from $2.7 million a year ago.

Sales of its core Internet commerce products Transact, SecureLink and merchant license fees drove revenues.

During the quarter, Open Market said it strengthened its distribution partnerships to 17 worldwide and increased its commerce-ready web developer program to over 1,000 global partners, from 200 a year ago.

Open Market announced plans to acquire management software maker Folio in February, in a $45 million cash and stock deal. Also in February, Open Market announced it would purchase Waypoint Software for $12 million in cash and stock, to give it a leg up in the business catalogs business.