Friday, January 23, 2009
Active Network Buys ReserveAmerica
San Diego-based Active Network, which operates a network of online sites focused on community and sports organizations, has acquired ReserveAmerica, a provider of campground reservations, owned by IAC. According to IAC and Active, IAC will sell 100% of its capital stock in ReserveAmerica Holdings, Ltd. to Active in exchange for approximately 3.5 million sharse of Active, convertible preferred stock. The move will make IAC a 9 percent owner of The Active Network. ReserveAmerica manages campground reservations in North America, including managing reservations for a significant number of National Parks. The firms said that ReserveAmerica manages reservations for over 300,000 campsites.