Adknowledge Buys Media Division of Miva For $11.6 Million
This story was written by Rafat Ali.
Adknowledge, a behavioral targeter focusing on social nets and sites beyond the big three portals, has been making a burst of on and off acquisitions and now, it has bought the media division of performance ad network MIVA, for about $11.6 million. The media division of Miva includes the Miva site, Findwhat.com and Espotting brands. Miva Direct, which has a consumer-oriented toolbar, homepage and desktop search-related products, will continue to be owned and operated by Miva Inc. Don't be confused by all the Mivas floating around: Miva Inc will change its name eventually; the company is publicly traded on Nasdaq, and will change its symbol as well.
Adknowledge, founded in 2003, is funded by Technology Crossover Ventures. As part of the deal, Miva has reduced its total headcount from 129 end of 2008, to about 50, which includes the transfer of approximately 75 Miva Media and certain corporate staff to Adknowledge. Miva Inc.'s remaining employees will work predominantly out of the company's NYC offices, with a small number remaining in Fort Myers, FL. More details in release.
By Rafat Ali