Internet service provider EarthWeb Inc has raised $48.1m in a secondary offering of its common stock. The offering saw 1.3 million shares change hands at $37 a piece, with 750,000 sold by the company with the rest by existing shareholders. EarthWeb’s end of the proceeds came to $27.8m before expenses. The New York- based company says it intends to use the proceeds for the expansion of sales and marketing capabilities, possible acquisitions or investments, international expansion, technical upgrade of internal systems and for working capital. The offering was managed by JP Morgan, Bear Stearns, Volpe Brown Whelan and Wit Capital.
