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Web.com Acquires WebSource Media.
2006-05-23, HostMan.biz Web.com, Inc. announced the acquisition of WebSource Media, LLC, a profitable, privately-held web services provider for small- and medium-sized businesses. This acquisition further diversifies Web.com's business, adds an experienced web services sales, marketing and development organization, and is expected to bring profitable revenues to the company. Except for assumed liabilities and debt payments, the acquisition has been structured as a revenue and profitability earn out over approximately three years. ``With the addition of the WebSource Media business and its management team, Web.com gains market share, access to markets not currently addressed by Web.com and new marketing channels focused on organic growth,'' stated Jeff Stibel, President and CEO for Web.com. ``Because the consideration payable to the team in this transaction is based on the performance of the business over approximately three years, the WebSource Media team has clear financial targets to achieve that align them with Web.com and its shareholders.'' Under the terms of the agreement, the former owners of WebSource Media have the opportunity to earn up to one million shares of Web.com's common stock and up to $8.2 million in cash, subject to attaining certain revenue growth and profitability milestones that scale upwards over approximately three years. The former owners also have the opportunity to earn up to an additional 500,000 shares and warrants for the purchase of up to one million shares of Web.com common stock at a price of $6.00 a share if they exceed those growth targets over the term of the earn out. In addition, Web.com will provide approximately $2.6 million in cash to pay in full certain transaction fees and outstanding working capital obligations. Kaufman Bros., L.P. acted as exclusive financial advisor to WebSource Media, LLC on this transaction. ``With over 22,000 paying customers currently, WebSource Media has achieved 13 consecutive quarters of profitability and its business is complementary to Web.com's business model and strategic direction,'' stated Marc Smith, CEO of WebSource Media. ``The structure of the transaction places the responsibility on me and my team to generate results and hit key financial milestones. We look forward to working with Web.com's team.'' |
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