The Rapaport Group said Thursday that it has acquired a controlling interest in The Watch Dealers Network.

Founded in 2007 by Avi Soffer, an experienced watch dealer, WDN is an exclusive B2B electronic marketplace for watch manufacturers, professional watch dealers, and jewelry retailers.

The Watch Dealers Network (www.thewdn.com) Watch Wizard program integrates proprietary online trading software with extensive information databases creating an interactive trading environment. Buyers and sellers receive electronic notification of watch trading opportunities via Instant Messenger, SMS text, as well as more traditional email.

WDN has also established a strategic partnership with the International Watch and Jewelry Guild ensuring a critical mass of membership and activity on the new network. Some 4,000 existing IWJG members will be joining WDN over the coming year.

“The Watch Dealers Network (WDN) will enhance transparency, improve efficiency and create unprecedented opportunity for watch dealers and retailers worldwide. We are delighted to enter the watch sector through WDN and look forward to significantly expanding WDN’s services and global reach,” said Martin Rapaport, Rapaport Group chairman.

“The Watch Dealers Network provides jewelers with an opportunity to increase their sales and profits. Efficient online trading will improve the availability of watches to retailers. I am excited to be working with the Rapaport Group as they enter the watch business,” said Avi Soffer, founder of the Watch Dealers Network.

JCK