Netgateway to Buy Galaxy Enterprises

Netgateway Inc., a Long Beach company whose Web sites and software allow companies to conduct business via the Internet, agreed to buy Galaxy Enterprises Inc. for $50 million in stock to gain access to more customers. Orem, Utah-based Galaxy, which had revenue of $11.4 million in 1998, operates an online shopping site that receives more than 14 million visits a month, and a search engine, MatchSite. Shares of Netgateway rose 88 cents to close at $11 on Nasdaq, while Galaxy closed up 25 cents at $5.31 in over-the-counter trading.