FindWhat.com Closes Miva Acquisition
FindWhat, Fort Myers, FL, paid $8 million for Miva, including $2.7 million in cash, $2.5 million in assumed debt and the rest in stock. Miva will continue to operate from San Diego as a separate division under its current management, with CEO Joe Austin staying on as general manager of Miva.
With the acquisition, announced Sept. 3, FindWhat said it hopes to deepen its relationship with small businesses, which make up the majority of its 25,000 paid search advertisers. Miva's e-commerce tools include Miva Merchant, a technology allowing businesses to set up Internet storefronts. Miva boasts 70,000 registered users for Miva Merchant.
FindWhat's deal to buy European paid listings company Espotting remains in limbo. The companies hope to decide on the deal by the end of the month after Espotting completes a financial audit.