The theoretical literature concerning supply chain intermediation is surveyed to develop a framework of five intermediary states. Data collected on 134 electronic intermediaries are employed to explore correlations between intermediation states, growth strategies and firm profitability, in a sample representing both service based and commodity based intermediaries. The study finds a positive relationship between more capital intensive states of intermediation and profitability. In addition, we find a higher use of acquisitions as growth mechanisms in service based intermediaries, and a greater use of joint ventures as growth mechanisms within commodity based portals.