InfoSpace Inc., a leading developer of tools and technologies to help people discover and enjoy content and information both on a mobile phone or on the PC, has announced that it has entered into a definitive agreement to sell its mobile services business to Motricity, a privately held provider of mobile content services and solutions, for $135 million in cash.
The transaction is expected to be completed within the next 90 days, upon the satisfaction of customary closing conditions and regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
“With these transactions, InfoSpace will be solely focused on online search. We will maintain a strong financial position and a solid distribution network with over 100 private label partners as well as our award winning branded websites such as Dogpile.com. Based on results for the first half of the year, our search business represents over 60% of InfoSpace’s revenue. Our search business is highly scalable and continues to generate strong cash flow,†said Jim Voelker, Chairman and CEO of InfoSpace.
Originally posted on October 15, 2007 @ 10:33 am