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FindWhat.com deal to acquire Espotting finalised

FindWhat said on Monday it signed a long-delayed deal to acquire Espotting

     
11:06 am on Feb 10, 2004 (gmt 0)

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FindWhat said the total deal values Espotting at about $170m based on last Friday's closing stock prices. It is expected to close in the third quarter.

[silicon.com...]

Doubts been cleared

Max.rk

11:48 am on Feb 10, 2004 (gmt 0)

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Nice find max_rk,

some more here
[reuters.com...]
[dmnews.com...]

DaveN

11:57 am on Feb 10, 2004 (gmt 0)

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From the DM News piece:

After its audit, FindWhat said Espotting lost $12 million in the year before the merger and $7 million in the last nine months of 2003.
12:44 pm on Feb 10, 2004 (gmt 0)

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So Espotting has never turned a profit?
12:54 pm on Feb 10, 2004 (gmt 0)

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In the region of £100,000 a week losses and no one knew they was loosing money?
No wonder the affiliates got paid late they had to wait for the advertisers cheques to clear first.

ncw164x

12:56 pm on Feb 10, 2004 (gmt 0)

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It does make me question why it is worth $170M!
7:06 pm on Feb 10, 2004 (gmt 0)

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Would seem cheaper to hire espotting's key personnel and open up offices in the UK, and tell espotting to go bleed red ink into the sunset.

I'm no expert, but it looks like a weird deal.

10:08 pm on Feb 10, 2004 (gmt 0)

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Amazed this is going through after they were dropped from Yahoo! UK ....
11:32 pm on Feb 10, 2004 (gmt 0)

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I believe that Yahoo actually cost them money. This may indeed have been partially to blame for the large losses.
11:48 pm on Feb 10, 2004 (gmt 0)

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You can't blame Yahoo for "partially" blowing $19 million dollars Bobby

ncw164x

[edited by: ncw164x at 1:10 am (utc) on Feb. 11, 2004]

1:06 am on Feb 11, 2004 (gmt 0)

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Hence the word "partially". I can't imagine that wages would be the cause of this, so perhaps the advertising and branding work is costing them an arm and a leg?