TechTarget buys KnowledgeStorm for $58M
IT media company TechTarget Inc. has acquired KnowledgeStorm Inc., a search resource for IT professionals, for $58 million.
The price includes $52 million in cash and 359,820 shares of TechTarget's unregistered common stock.
KnowledgeStorm gets 3.5 million visits monthly and has 700 active advertisers.
This news comes in conjunction with the company's high-performing third quarter figures. Total revenues for Q3 increased by 15% to $23.3 million. Its online revenue increased 17% to $14.7M.
"We continue to benefit from advertisers migration to targeted, measurable online media," said Greg Strakosch, chairman and CEO of TechTarget, in a statement. "We are very focused on scaling the business to take advantage of this very large market opportunity in 2008 and beyond."
The company expects the integration of KnowledgeStorm's resources to be completed by the second quarter of 2008.