FindWhat.com Completes Acquisition of B & B Enterprises Assets
- Fairmount Partners
- Jun 4, 2004
- 2 min read
FORT MYERS, FL – June 4, 2004 – FindWhat.com (Nasdaq: FWHT) filed Form 8-K announcing that it completed its acquisition of certain of the assets of B & B Enterprises, Inc., a New Jersey corporation (“BBE”). The assets purchased comprise proprietary, internally-developed client tools, distribution partner interfaces and implementation software used within the performance-based, keyword-targeted advertising business operated by BBE.
BBE received approximately $4,000,000 in cash and a $10,300,000 non-interest bearing secured note payable, reflecting an aggregate purchase price of approximately $14,300,000. The secured note has a term of eighteen months and is payable based on performance of the purchased assets. More specifically, the timing and final amount of the payments on the note are correlated to traffic (or “clicks”) delivered by the purchased assets.
About FindWhat.com
FindWhat.com creates and offers proprietary performance-based marketing and commerce enabling services that help businesses of all sizes throughout the business cycle in reaching prospects, converting prospects to customers and then retaining those customers. Its marketing division creates online marketplaces where buyers are introduced to sellers at exactly the right moment, when they are searching for products and services on the Internet; this introduction is based on a bid-for-position, pay-per-click, keyword-targeted advertising service. FindWhat.com offers this service directly to advertisers through the FindWhat.com Network™ in the U.S., the Espotting Network in Europe and offers a private label version of this service to large companies and portals worldwide, including Lycos and Mitsui & Co., Ltd. FindWhat.com also operates a merchant services division which includes Miva®, a leading online platform of software and services for small to medium-sized enterprises (SMEs). With its easy-to-use, highly customizable and integrated browser-based point and click business creation software and a vast partner network, Miva is focused on helping to create and enhance online business and marketing services for SMEs. Additionally, FindWhat.com has a primary traffic division, currently offered through Comet Systems, a leading provider of connected desktop consumer software.
Principals of Fairmount Partners are acting as advisors to B & B Enterprises in connection with the acquisition.
Contact
Charles Robins
Managing Director, Fairmount Partners