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Ariba's purchase of SupplierMarket in the bag

The business-to-business software maker completes its purchase of the online marketplace in a stock deal worth about $581 million.

Ariba today said it had completed its purchase of online marketplace in a stock deal worth about $581 million.

As previously reported, Mountain View, Calif.-based Ariba acquired SupplierMarket's 7,700 registered buyers and more than 12,000 registered suppliers, as well as the company's technology platform.

Under terms of the definitive agreement, business-to-business software maker Ariba issued 6.3 million shares of stock in exchange for the company.

SupplierMarket, based in Burlington, Mass., gives buyers and suppliers a marketplace to locate new trading partners, negotiate purchases and collaborate on the Internet. The privately held company employs about 155 workers.

Ariba said the acquisition will provide its customers with a better way to manage and track goods.

"We believe sourcing will be fundamental to our customers, suppliers and partners as we work together to build liquidity in the B2B economy," Keith Krach, Ariba's chief executive, said in a statement.