54 Net companies fold in May

The Internet sector kept hemorrhaging in May as 54 companies shut down, bringing the total of dot-coms turned dot-bombs to at least 493 since January 2000, according to Webmergers.com, an online marketplace that tracks Internet business activity.Buyers spent $3 billion for 110 Internet companies in May, up from $2.6 billion for 115 in April. Major M&A deals for Internet companies in May included the $372 million paid for MP3.com by Vivendi Universal, the $340 million purchase of Digital Island Inc. by Cable & Wireless Plc, the $147 million acquisition of Freshwater Software by Mercury Interactive Corp. and $33 million paid for SkillsVillage by PeopleSoft Inc.