PurchasePro Files for Bankruptcy Protection

Business software maker PurchasePro.com Inc. has filed for bankruptcy protection and agreed to sell its assets to privately held Perfect Commerce of Palo Alto. Financial terms were not disclosed.

Las Vegas-based PurchasePro also said it reached an agreement with the Securities and Exchange Commission to settle the regulators’ investigation into the company and its dealings with other technology firms. The SEC was investigating PurchasePro’s partnership with AOL Time Warner Inc., which allowed AOL to license and sell PurchasePro’s business-to-business software.

PurchasePro’s shares closed at 22 cents, unchanged on Nasdaq.