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Google says Linkshare is the oldest affiliate program - 1996 it was founded but perhaps the idea and programming was done before?
BTW - from their site:
Since launching the Internet's first Affiliate Network, LinkShare has:
Created the largest network of affiliates of any program provider - over 10 million partnerships.
Been granted US Patent No. 5,991,740 for our proprietary affiliate tracking technology.
Announced an investment from Mitsui & Co., Ltd. and a joint venture in the Japanese market.
Become the first provider to achieve sustained profitability.
Been named the number one fastest growing technology company in the NY area 2 years in a row in the Deloitte and Touche Fast 50 program.
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