Shares of Elcom International (Nasdaq: ELCO), which develops automated procurement software applications for e-commerce businesses, soared 88 percent on Friday, gaining 7-3/32 to 15-1/8 on the news that the company is teaming up with Visa to offer e-commerce solutions. More than 11.8 million shares of Elcom changed hands on Friday, compared to the average daily volume of less than 568,000.
Elcom, which also owns online computer retailer Starbuyer.com, is in the spotlight for the first time in recent memory, but this company has a long history in the Internet space. Elcom is six years old, and the company went public in 1995. In press releases, Elcom, which also has Mastercard and Seagate as partners, bills itself as a competitor to high-flying e-commerce software companies like Ariba, Commerce One and PurchasePro.com.
For now, the stock is being treated in a similar fashion to those of the fastest-rising e-commerce software stocks. Shares of Elcom continued to climb in early trading today, gaining 2-3/8 to 17-1/2.