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Arch soars on AOL deal

Arch Communications Group, Inc. (Nasdaq: APGR), the most active stock on the Nasdaq Monday morning, flew up 37 percent after America Online, Inc. (NYSE: AOL) said it would use the company's messaging capabilities for its new AOL Mobile Messenger.

Shares in the wireless messaging and mobile data provider were up 4 1/8 to 15 3/4. The company, which will be merging with Paging Networks (Nasdaq: PAGE), has seen its stock spike in the new year, bounding over new highs.

AOL plans to offer e-mail and Instant Messenger services on wireless devices using Arch's technology. In the future, AOL also plans to offer additional AOL content and commerce applications via Arch-enabled wireless devices.

The deal boosts Arch's ReFlex 25 two-way wireless messaging protocol. Arch, which has annual revenue in excess of $800 million is also currently launching initiatives in the two-way wireless messaging market. It provides wireless communications services to customers in all 50 states, the District of Columbia and in the Caribbean.

No financial details of the deal were released. No analysts currently cover the stock.