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RESEARCH TRIANGLE PARK, N.C. — GoTo.com Inc. has spun off its GoTo Auctions unit, but will retain an 18.5% stake in the company and hold a board seat.
The current management team, which will be led by co-founder and Chief Executive Scot Wingo, will assume financial and operating control of GoTo Auctions, which was renamed ChannelAdvisor, Goto said Monday. ChannelAdvisor helps companies create a brand presence on the Web. Additional terms weren’t disclosed.
Separately, closely held Comet Systems Inc.,
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