FindWhat.Com finds $8m for Miva
Online store play
US pay-per-click firm FindWhat.com plans to splash out $8m (£5m) to buy SME ecommerce software and services outfit Miva Corporation.
FindWhat will pay $5.5m as well as taking on approximately $2.5m in notes and "other liabilities".
According to FindWhat.com, the main reason for swallowing up Miva is to expand its service offerings for small-to-medium sized enterprises. The company said Miva Merchant software, which allows customers to create online storefronts complete with virtual shopping trolleys, will sit happily behind its own paid for search technology.
Craig Pisaris-Henderson, chairman and chief executive officer of FindWhat.com, said: "Miva Merchant can be a valuable addition to our service offering - we help SMEs promote their online business, and, under this proposed transaction, we also will help them to create and manage their online business."
The acquisition is expected to close by the end of 2003, subject to customary closing conditions. At current market prices Miva shareholders would receive a total of $2.7 million in cash and $2.7 million in FindWhat.com common stock.
FindWhat announced the £100m purchase of Espotting Media just three months ago. The deal is expected to close in the fourth quarter. ®