Ask Jeeves completes Interactive acquisition
10 May 2004
Ask Jeeves has announced that it finalised its acquisition of privately-held Interactive Search Holdings.
Under the terms of the agreement, Ask Jeeves issued 9.3 million shares of common stock and options and paid approximately $144 million in cash, reflecting an aggregate purchase price of $501 million
According to Nielsen NetRatings, with the acquisition of Interactive Search Holdings, Ask Jeeves becomes the 7th largest domestic Web property in terms of unique users and increases its share of the domestic internet market to around 27 per cent.
"The acquisition of Interactive Search Holdings is an important step in Ask Jeeves' growth strategy. This acquisition doubles our market share and enhances our ability to compete in the fast-growing search market," said Ask Jeeves CEO Steve Berkowitz.
"We now have substantially more traffic and advertising inventory, which we believe will increase our value to advertisers and partners. Additionally, consumers like to access information in different ways and we believe through our expanded portfolio of brands we will be in an even better position to meet those needs."
Interactive Search Holdings' Web properties and businesses include My Way, iWon, Excite, My Search, My Web Search and the MaxOnline advertising network.
Ask Jeeves provides consumers and advertisers with information retrieval products across a range of websites, portals and desktop search applications.
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