Commerce One was a pioneering e-commerce company based in Walnut Creek, California. It was famous for its stock price rise during the dot-com bubble. At its peak, the company had 4,000 employees and a market capitalization of $21.5 billion.
In 1999, the company acquired Veo Systems from Asim Abdullah for $300 million.
In 2001, co-founder Tom Gonzales Jr. died of a rare cancer and left his stake in the company in a trust to help the needy. His father was later accused of mismanaging trust funds.
In October 2002, the company announced that it planned to lay off 400 employees, which was 36% of its staff.
Bankruptcy and sale of the company
In September 2004, the company had a cash balance of $300,000.
In December 2004, a portion of its patent portfolio was sold by a bankruptcy court to JGR Acquisitions, a subsidiary of Novell, for $15.5 million. The remaining business interests, including all remaining intellectual property rights to the software, together with a patent license from JGR, were sold to new investors that continued to operate the company as Commerce One.
Perfect Commerce acquired Commerce One on February 7, 2006 .
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- "Commerce One rises from dot-ashes". San Francisco Business Times. March 6, 2005.
- Hamm, Steve (February 3, 2003). "Online Extra: From Hot to Scorched at Commerce One". Bloomberg BusinessWeek.
- SIMERMAN, JOHN (July 13, 2007). "Charity sues over legacy of dot-com". East Bay Times.
- "Commerce One Buys Veo Systems". Internetnews.com. January 19, 1999.
- "IPO a smash? Ask Jeeves". CNN Money. July 1, 1999.
- Gilbert, Alorie (October 4, 2002). "Commerce One cuts deep". CNET.
- Smith, Rich (September 27, 2004). "The Fall of Commerce One". The Motley Fool.
- Meland, Marius (May 3, 2005). "Mystery Solved: Novell Behind Acquisition Of Commerce One Patents". Law360.
- Meland, Marius (December 7, 2004). "Mysterious Bidder Snaps Up Commerce One Patents For $15.5M". Law360.
- "Perfect Commerce Acquires Commerce One" (Press release). PRNewswire. February 7, 2006.