Tech Industry

Net firm gets stock boost from new partnership

The Internet services firm says it has formed a partnership with Global Crossing's Web hosting division to jointly provide services.

Shares of Tanning Technology today soared after the company won a $10 million investment from GlobalCenter, the Web hosting division of long-distance carrier Global Crossing.

Tanning shares surged on the news, jumping more than 20 percent. Shares advanced $10.44 to close at $56.94. Meanwhile, shares of Global Crossing fell $2.06 and finished the day at $48.50.

As part of the deal, Tanning formed a partnership with GlobalCenter to sell and provide Internet and Web hosting services to joint customers, the companies said in a statement released yesterday. GlobalCenter has also hired Tanning to provide consulting services to the firm.

Tanning, which competes in the Internet services market alongside Scient, Viant and others, provides services to help companies integrate existing computing applications with their Web sites.

The company said it will work with GlobalCenter to create and offer combined services to clients, targeting large companies that are launching or expanding their Internet businesses.

Last week, Tanning announced an extended relationship with key client E*Trade. Tanning built the online broker's international investment system and said it will extend its work for E*Trade on projects related to extended hours trading and electronic exchanges.