Internet commerce software company Open Market Inc has raised $20m through a private placement with CMG Information Services Inc and Heights Capital Management. The pair bought 1.34 million shares of Open Market common stock at $14.95 per share – a five cent discount to the previous day’s closing price. Heights invested $15m and CMG $5m, giving them roughly 1% and 2.9% respectively. The deal will mean that Open Market now has approximately $43m in cash, according to PaineWebber Inc, Open Market’s placement agent. It had $23.2m as of June 30. The bank believes Open Market will hit profitability next quarter. CMG and Heights also get 334,728 warrants at an exercise price of $16.43 per share, which upon exercise could result in an additional $5m in cash for Open Market. Open Market intends to use the money for working capital and general corporate purposes, without being more specific. Open Market is especially excited about the CMG stake, despite the fact the Heights stake was larger. There are already connections between CMG and Open Market. For instance, Internet Commerce Services Corp, in which CMG has stake, has a relationship with Open Market. Earlier this month, CMG affiliate Navisite, bought licenses for the company’s flagship Transact software and CMG affiliates Engage Technologies and Accipter have announced the integration of their technologies with Open Market’s. PaineWebber analyst James Preissler maintains his buy rating of the stock and a $25 12-month price target. Earlier this year Intel Corp invested in Open market to help fund the porting of its core Transact product to the chipmaker’s forthcoming IA-64 Merced 64-bit processor. Open Market closed Friday up $0.875 at $15.875 on a day when most other internet stocks headed south.