NetObjects Inc. (Nasdaq: NETO) jumped 27 percent Monday after it announced a bundling agreement with IBM (NYSE: IBM).
Shares in provider of e-business software and services were up 27 percent, or 2 15/16 to 13 5/8 Monday. The stock lurked below its offering price after going public last spring.
The company's core product, NetObjects Fusion, will be bundled with several IBM product lines, including ThinkPad and Intellistation. The software provides a complete guide to Web site building including.
The distribution agreement provides a significant new channel of distribution for NetObjects.
The IBM Personal Systems Group will begin bundling NetObjects Fusion with selected hardware in June 2000.
NetObjects also filed a registration statement Monday for an offering of 1.78 million of its shares. NetObjects will not receive proceeds from the offering since the stock was issued in connection with its acquisition of Sitematic Corp. last October.
NetObjects competes with Adobe (Nasdaq: ADBE), Macromedia (Nasdaq: MACR) and Microsoft (Nasdaq: MSFT) according to Hoover's Online.