netimperative.com finds a buyer

Struggling news site rescued by industry consortium after financial collapse

netimperative.com, the news Web site that was the second UK Internet startup to call in the liquidators earlier this month, confirmed it has accepted a buyout offer from a new business consortium.

The consortium's backers include Internet Business Group, financial data company StockHouse Media Corporation and Bright Station. Bright Station has separately agreed to buy the core technology of boo.com, the e-commerce firm that became the UK's first Net startup to collapse, a week before netimperative.

"The offer has been made by a new company backed by a consortium of strategic investors, including Bright Station, and co-led by Internet Business Group (IBG) and Stockhouse.com," Netimperative said in a prepared statement. "Completion is expected during June."

The consortium has created a special-purpose vehicle, called Heltward, to take over Netimperative's assets; Heltward has £1m in backing. All of Netimperative's 37 jobs are to be saved. netimperative's CEO, Felicia Jackson, said employees had not left the company even though they had other job offers.

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