Microsoft acquisition of Place-Ware sends ripples
InsideDenver | at | by Mike
Raindance Communications Inc.'s chief executive called the Wednesday drop in its stock price a "knee-jerk reaction" to news that Microsoft planned to expand its Web-conferencing business. Shares of the Louisville-based Web-conferencing company closed down 28 percent Wednesday, after Microsoft Corp. said it would buy Web-conferencing provider Place- Ware Inc. for an undisclosed price. Raindance shares closed down 87 cents at $2.22. Shares of another Web-conferencing company, San Jose, Calif.-based WebEx fell even further on Wednesday, closing down $3.25 at $12.20. Meanwhile, Microsoft and Place-Ware appear to be fashioning their product and services for sale to smaller enterprises, he said.