Takumi Interactive Inc. purchased online auction site uBid from CMGI, the companies announced Thursday. The uBid online auction site focuses on consumer electronics. It had competed with eBay until last year, when it did away with its "consumer exchange" and "preferred partner exchange," leaving it to sell its own inventory in auction and fixed-price format.
Takumi is a majority-owned company of Petters Group LLC of Minnetonka, Minnesota, a global leader in sourcing, selling and financing of consumer goods. Takumi purchased substantially all of the assets and assumed certain of the liabilities of uBid. Terms were not disclosed.
Two current uBid executives have assumed executive leadership roles within Takumi Interactive. Robert H. Tomlinson, Jr., previously uBid's chief financial officer, has assumed the role of President of Takumi Interactive. Timothy E. Takesue, an original member of uBid's founding management team and most recently its senior vice president of merchandising, has assumed the role of Executive Vice President, Merchandising.
CMGI, an incubator of dot-com companies, also sold AltaVista, Yesmail and Tallan this year.
