The company was renamed Commerce One in 1997, and went public in 1999. They were one of the darlings in the hot B2B (business-to-business) sector, and saw their stock soar from 20 to over 600 in early 2000, before it collapsed in the dot-com crash. In 2001, the company acquired Veo Systems from Asim Abdullah for $300 million.
The company filed for Chapter 11 bankruptcy protection on Oct. 6 2004 . In December 2004, a portion of its patent portfolio was sold by a bankruptcy court to JGR Acquisitions, a subsidiary of Novell, Inc., for $15.5 million. The remaining business interests, including all remaining intellectual property rights to the software, together with a patent license from JGR, were sold to new investors that continued to operate the company as Commerce One.
Commerce One formally announced on February 7, 2006, that it had been acquired by Perfect Commerce – a provider of On-Demand Supplier Relationship Management (SRM) Solutions and The Open Supplier Network. Commerce One, LLC is a wholly owned subsidiary of Perfect Commerce, LLC, a Virginia Limited Liability Company headquartered in Newport News, VA with an office in Paris, France.
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