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WebSourced Acquires WebDiversity

     
9:14 pm on Nov 2, 2005 (gmt 0)

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[biz.yahoo.com...]

Congrats to former moderator and long time WebmasterWorld supporter Jim Banks.

CGI Holding Corporation d/b/a Think Partnership Inc. ("THK") (AMEX:THK - News; the Company) today announced that the Company has entered into a letter of intent to acquire privately held Web Diversity LLC, ("Web Diversity") (see www.webdiversity.co.uk), a London-based leader in paid search management and organic search. Web Diversity uses proprietary technology for online advertising campaign management and has extensive worldwide multiple-language campaign experience.

The letter of intent contemplates that THK will acquire Web Diversity for an upfront consideration of $1 million in cash and $1 million in common stock of the Company priced at 120% of the closing price per share on the last five trading days prior to the closing, plus certain earnout payments based upon the aggregate pre-tax earnings of Web Diversity during the first twelve full calendar quarters following the closing.

9:16 pm on Nov 2, 2005 (gmt 0)

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Yep, I second that

Those long hours in front of the pc at 4am have paid off no doubt.

drinks on me in Shanghai in 2 weeks Jim.

Shak

9:40 pm on Nov 2, 2005 (gmt 0)

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Well done Jim
John
10:15 pm on Nov 2, 2005 (gmt 0)

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Well done Jim!
11:58 pm on Nov 2, 2005 (gmt 0)

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Congrats Jim
4:27 am on Nov 3, 2005 (gmt 0)

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Congrats!
7:39 am on Nov 3, 2005 (gmt 0)

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Nice Work! :)
8:01 am on Nov 3, 2005 (gmt 0)

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Well Done Jimbo!
9:03 am on Nov 3, 2005 (gmt 0)

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Nice one Jim.
9:25 am on Nov 3, 2005 (gmt 0)

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Aaah, good stuff Jim. I've been involved in consolidations here too lately and probably will again in short time :)

Congrats!

9:32 am on Nov 3, 2005 (gmt 0)

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Congrats Jim!
9:38 am on Nov 3, 2005 (gmt 0)

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The $1 million of common stock of the Company will be subject to a dollar-for-dollar forfeiture if Web Diversity does not earn an aggregate pre-tax income of at least $1 million during the first 8 quarters

The Company expects the pre-tax income of Web Diversity for the twelve months following the closing to approach $500,000

What do you think of the valuation? A SEO company is worth 2 years pre-tax profit? Also, in case of acquisitions like this, what does THP get? Clients, people and the SEO processes used by the company?

10:49 am on Nov 3, 2005 (gmt 0)

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good job!

I think you are cool Jim

10:53 am on Nov 3, 2005 (gmt 0)

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What can I say - couldn't happen to a nicer guy :)

I particularly like the bit about getting paid large bundle of dosh to whizz off to Hong Kong and set up there.

Well done, Jim.

2:19 pm on Nov 3, 2005 (gmt 0)

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yep, the Wanchai strip has a great need for search and advertising agencies ;)

Shak

5:27 pm on Nov 3, 2005 (gmt 0)

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wow!
2:28 pm on Nov 4, 2005 (gmt 0)

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Very Nice, Jim - congrats.
3:22 pm on Nov 4, 2005 (gmt 0)

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Thanks for all your kind comments. All much appreciated.

I am looking forward to Shanghai immensely and only wish it didn't clash with PubCon as it's hard to be in two places at once, and I wanted to be there as well, but as you can see from the press release Asia is a big deal for us, and timing is important.

I am actually heading to Hong Kong for 4 days first 10th thru 14th and have some spare time over the weekend. If there are any WebmasterWorld members who are around and about that weekend (i.e. not going to PubCon) would love to hook up for a beer or three (on me) and to pick your brains.

We actually turned 5 years old as a company yesterday, so the timing was great, and we looked at a lot of different scenarios before opting for this one. The opportunity is great, people are great and the ethos of what is trying to be achieved is 100% consistent with ours, so it made perfect sense.

Once again thanks for your comments, means a lot coming from my extended family! It's partly for working on this that I have been slightly absent from posting etc.

8:21 pm on Nov 4, 2005 (gmt 0)

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Good seeing you in London recently mate and congrats on the acquisition! Hope to see you again in the near future.

Joe

11:47 pm on Nov 4, 2005 (gmt 0)

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Hey Joe, was glad to be able to buy you a guinness, after all you had been here for 24 hours without one!
6:06 pm on Nov 6, 2005 (gmt 0)

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So - I should have been reading WebmasterWorld instead of seeing you London on Wedenesday! Good man.

The deal sounds complicated mate, but soooo well deserved.

Dixon.

8:58 pm on Nov 6, 2005 (gmt 0)

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Congratulations Jim!