The Internet sector kept hemorrhaging in May, as 54 companies shut down in the US, bringing the total of dot-coms turned dot-bombs to at least 493 since January 2000.
Webmergers.com, an online online hub for buyers and sellers of Web properties, also noted that 55 percent of all dot-com failures--or 269 companies--since January 2000 came in the first five months of this year.
Tim Miller, president of Webmergers.com, told Reuters the Internet shakeout is taking place faster than expected, as closures hit both business-to-consumer and business-to-business Web companies.
"We were expecting to see a peak in terms of shutdowns sometime in the middle of this year," Miller said. "We were surprised to see the number was so bad in May."
According to Miller, large corporations are taking advantage of the hardship by targeting some companies for acquisitions.
Buyers spent US$3 billion for 110 Internet companies in May, up from US$2.6 billion for 115 in April, Miller said.
