BroadVisionInc. (Nasdaq: BVSN) was up 4 9/16 at 28 3/8 early Tuesday after Standard & Poor’s announced the stock would be added to its 500-stock index.
BroadVision will join the S&P 500 Index after the close of trading October 23rd, becoming part of the computer software and services industry group. The company replaces PaineWebber, which is being taken over by UBS AG of Switzerland.
Joining the index — which is viewed as the standard for measuring the performance of the U.S. stock market — is one of “the two most important recognitions one can expect in the high-tech business,” said BroadVision president and chief executive officer Pehong Chen. “The recognition is especially sweet since we’re the first company in our space to enter into the index,” he said. BroadVision is already a member of Business Week’s IT-100.
The stock is also part of the Nasdaq 100 and Russell 1000 indexes, as well as Germany’s NeuerMarkt-50.
BroadVision, which is based in Redwood City, California, develops products used by companies and governments to buy and sell goods and services over the Internet. The company has more than 100 partnerships in more than 34 countries.
In July, International Data Corp. (IDC) ranked the company No. 1 among the world’s e-commerce software leaders. IDC called BroadVision’s year-end 1999 customer base of 538 “impressive,” and said the company showed “strong momentum.”
IDC estimated the worldwide market for e-commerce software at $1.8 billion in 1999, up 305 percent from 1998. Other top vendors, according to the firm, were Oracle Corp., Open Market, Vignette, IBM and SAP.
Earlier this week, BroadVision said it will provide software to power a business-to-business (B2B) exchange for the petroleum industry. FuelQuest, Inc. is using the company’s e-commerce services to build an online network for refiners, suppliers, marketers, retailers and commercial users of fuel and lubricants.