BizXchange, a business-to-business barter network based in Seattle, has acquired Dibspace, an online marketplace where small businesses and consumers can buy and sell products and services using an online complementary currency called Dibits.
“In addition to our growing network of large businesses and enterprises, we can now expand our reach and meet the increasing demand for barter options among consumers and small businesses.”
Conducting over $300 million in transactions since its inception in 2002, BizXchange has created a widely accepted private currency, the BizX dollar, used by businesses to gain efficiencies by increasing sales, preserving cash and moving excess inventory at full value. As an innovation leader in the barter industry, the acquisition of Dibspace furthers BizXchange’s overall goal of providing a private complementary currency to everyone, from Fortune 500 companies to consumers.
“Acquiring Dibspace presents BizXchange the opportunity to enter the private currency market for consumers,” said Bob Bagga, BizXchange CEO and President. “In addition to our growing network of large businesses and enterprises, we can now expand our reach and meet the increasing demand for barter options among consumers and small businesses.”
Dibspace was launched in February of 2009 by Dominic Canterbury as a community trading platform and was quickly adopted by individuals and small businesses as a way to fill company downtime or sell excess capacity. The site currently has nearly 5,000 users centered in the Seattle area.
“Joining BizXchange offers an exciting opportunity for Dibspace. We now get to work with a well-established barter company and gain insight into what it takes to build a strong, private complementary currency,“ said Canterbury. “The goals of the Dibspace community members to gain greater efficiencies in their personal and business lives will remain central. This partnership offers the best opportunity for Dibspace to continue to expand and achieve those goals.”
In the near term, BizXchange and Dibspace will operate as two separate entities. BizXchange will continue to work with larger businesses to increase their efficiency and prosperity and Dibspace will continue to connect consumers and small businesses to buy what they need without spending cash.
Over time, the objective is to integrate the two communities so that Dibspace users will be able to purchase offers and merchandise previously only available to BizX members, and conversely, BizX Members will be able to access a larger distribution channel for their products and services through the Dibspace network.
“This is an integral step in BizXchange’s expansion plans, which aim to make individuals and businesses more efficient and prosperous, and ultimately, revolutionize the way people pay,” added Bagga.
BizXchange is a business-to-business barter consulting firm offering companies financial solutions to help improve and grow business. Clients buy and sell products and services with other exchange members using BizX dollars, which are equivalent to U.S. dollars. BizXchange has offices in Seattle, San Francisco and Dubai. www.bizx.com.
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