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INET Interactive Sold to Equity Firm.
2005-11-11, HostMan.biz INET Interactive (inetinteractive.com) announced on Friday that it had been acquired by private equity group Stoddard Hill Capital (stoddardhillcapital.com) for an undisclosed amount. INET Interactive, founded in July of 2002 by Gabriel Murphy and Ryan Elledge, owns technology properties focusing on the Web hosting, Web development and computer hardware industries. Its assets include popular industry forum Webhostingtalk.com (webhostingtalk.com). Troy Augustine will succeed Ryan Elledge as president and CEO. He previously worked in marketing at Tradec, a firm developing hosted supply chain management and procurement solutions. Elledge will move to a new role within Aberration! Ventures, iNET's previous owner. He says he will work with Augustine in the coming months to ensure a smooth transition, and along with Murphy, plan to consult and advise the new ownership on a long-term basis. "Aberration! Ventures decided to sell iNET Interactive in order to focus our resources on emerging opportunities in commercial real estate and Web-based niche travel," says Gabriel Murphy, iNET founder and Aberration! Ventures managing partner. "After evaluating several exit opportunities, we decided that Stoddard Hill Capital was the right partner based on their commitment to the existing communities, a shared vision for growth and access to the capital necessary to make this vision a reality." iNET says no immediate operational changes are planned. "Gabriel, Ryan, and their team deserve a tremendous amount of credit for their vision and their hard work to build iNET Interactive into what it is today," says Troy Augustine, iNET's new president and CEO. "It is my intent to continue building on that vision through acquisition and through organic growth, and to do so with a customer-focused culture designed to serve our communities and advertisers." |
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