Adknowledge paid $11.6 million for MIVA Media, plus assumption of certain balance sheet liabilities, and subject to certain retained assets and liabilities and post-closing adjustments. MIVA Media, an advertising network, was founded in 1999 and includes the Espotting and Findwhat.com brands. Another of MIVA, Inc.’s divisions, MIVA Direct, was not part of the transaction and continues to be owned and operated by MIVA.
Adknowledge has been busy, picking up acquisitions that were focused on social media, including Cubics, Lookery, and social analytics company Adonomics.com. The company also purchased Mediarun, a display ad network.
MIVA, Inc. has reduced total headcount from 129 on December 31 2008 to approximately 50, which includes the transfer of approximately 75 MIVA Media and certain corporate staff to Adknowledge.
“Adknowledge’s financial strength and strong bottom-line performance have allowed us to make strategic acquisitions,” said Scott Lynn, CEO of Adknowledge, in a statement. “We plan to quickly combine MIVA Media’s strong industry position and experience with Adknowledge’s core predictive targeting technology to improve results for MIVA Media’s advertisers.”
Adknowledge continues to evaluate additional acquisition opportunities. “Our advertiser and targeting platforms enable us to easily ‘plug-in’ acquisitions into our infrastructure and recognize immediate synergy,” said Lynn.
MIVA, Inc. intends to use the proceeds from the sale of the MIVA Media business to focus on the expansion of its ALOT product portfolio. MIVA, Inc.’s common stock continues to trade on the NASDAQ under the trading symbol ‘MIVA’. MIVA, Inc. intends to change its name and ticker symbol in the near future.
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