Search Engine News Blog Headline

19 June 2003

FindWhat and ESpotting To Merge

The board of pay-per-click provider FindWhat.com have today agreed to merge with privately-owned rival ESpotting Media Inc.

The announcement is sure to shake up the paid search industry, particularly for market leader Overture as two of their major competitors team up. The U.S.-based FindWhat and the European-based ESpotting each have considerable market share in their own right, but combined, they form a formidable global rival in the paid listings sector, considered to be the fastest growing segment of Internet advertising.

It is estimated the combined company would service approximately 40,000 advertisers and is expected to generate combined revenues of over $140 million in 2003.

"We believe this announcement changes the landscape of the paid listings industry, creating a new international leader. The proposed merger intends to capitalize on both companies' experience in serving advertisers and distribution partners of all sizes, across the widest geographic footprint in our sector," said Craig Pisaris-Henderson, Chairman and CEO of FindWhat.

Under the proposed terms of the agreement, Espotting stockholders will receive 8.1 million shares of FindWhat common stock and approximately $27.0 million in cash. FindWhat will also issue options and warrants to purchase approximately 2.1 million shares of FindWhat common stock to Espotting employees and affiliates, with a weighted average exercise price that will approximate $1.73 per share. At FindWhat's closing share price on June 17, 2003, the transaction values Espotting at $163 million.

The merger will proceed sometime in the last quarter of 2003.

Back to our Daily Search Engine News Blog

Enter your email address below to subscribe to our FREE search engine newsletter:

Send Page To a Friend





Jordan Consulting Group Click Here for Contact Details Jordan Consulting Group © All material copyright 2000-2007. Disclaimer Last Updated: November 10, 2007