CLEVELAND -- KeyCorp plans to invest in Econex, a new electronic commerce enabling company that provides end-to-end turnkey e-commerce solutions to businesses looking to become players in the Internet marketplace.
Key Electronic Services, KeyCorp's electronic commerce subsidiary, will manage KeyCorp's investment in Econex. Econex will deliver a portfolio of e-commerce product and service offerings to Key's 400,000 small to medium-size business customers in 14 states. Through this venture, Key's business customers will have the ability to create Web storefronts as well as the solutions to conduct secure e-commerce business-to-business, such as payment processing and order fulfillment online.
"Econex is another way Key is using technology to e-commerce enable our customers. Whether it's the ability to apply online for a small business line of credit at our website (www.Key.com), or our partnership with Amazom.com, our strategy is unique in the financial marketplace -- that is to provide turnkey e-commerce solutions," said Patrick J. Swanick, president and CEO of Key Electronic Services.
The investment is pending regulatory approval. Terms of the transaction were not disclosed.
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