Irving, Texas-based holding company NetCommerce announced plans Friday to acquire The Rockwell Group, a Miami-based law firm specializing in taking companies public and structuring acquisitions and financings. The two companies have signed a letter of intent that would give NetCommerce, which buys interest in e-commerce and other Internet companies, an 80 percent stake in The Rockwell Group.
The acquisition by 13-year-old NetCommerce, formerly known as Virtual Enterprises, comes as the demand for IPOs shrivels. Only five companies managed to launch IPOs during the first quarter of 2001, raising an anemic $467.5 million, according to venture research company VentureOne. That was the first time in two years that less than $1 billion was raised during a quarter.