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January 05, 2004
Miva Becomes an Operating Division of FindWhat
FindWhat.com has acquired Miva for approximately $8.0 million
FindWhat.com today announced the completion of its acquisition of Miva Corporation.
Under the terms of the agreement, announced September 3, 2003, FindWhat.com has acquired Miva for approximately $8.0 million, with Miva shareholders receiving approximately $2.7 million in cash and approximately 165,000 shares of FindWhat.com common stock, while FindWhat.com assumes approximately $2.5 million in Miva liabilities.
FindWhat.com is increasingly focused on the needs of small-to-medium sized businesses (SMEs), and with the completion of this acquisition, is poised to offer a more complete and comprehensive business solution to SMEs in the U.S.
According to the Kelsey Group, U.S. SMEs this year will spend over $3 billion of their advertising budgets on developing, building, hosting and promoting their websites.
FindWhat.com plans to allow the tens of thousands of advertisers on the FindWhat.com Network to have access to the e-commerce shopping software, related plug-ins, modules and hosting services available through Miva Merchant and its partners, while offering the tens of thousands of Miva merchants the ability to promote their websites through the FindWhat.com Network.
FindWhat.com plans to continually advance state-of-the-art technology, solutions and services for SMEs. "We continue to be very impressed with Miva's ability to provide best-of-breed e-commerce applications to the SME marketplace," said Craig Pisaris-Henderson, chairman and CEO of FindWhat.com.
"We look forward to working on integrating our products, and providing a scalable and customizable solution for online businesses globally."
Joe Austin, president and CEO of Miva Corporation, now joins the management team of FindWhat.com as general manager of its Miva division. The Miva division is based in San Diego, CA.
Source: Biz Yahoo.com
Posted by nakul at January 5, 2004 02:46 PM | TrackBack