While everybody else on the planet thinks that online services are things to plough into, General Electric is swimming in the other direction, and has put its Genie Online Service on the block to Yovelle Renaissance Corp, a privately held corporation based in Queens, NY. The transaction is expected to be completed within a week. Terms were not disclosed. GE put this unit up for sale in mid-November last year, when it said that it represented a very small proportion of GE Information Services annual revenues, thought to be in the $30 million region. GE Information Service suppliers business productivity systems based on electronic commerce and claims to manage a global trading community of more than 40,000 companies.
