Friday, September 17, 2010
Autobytel Buys Cyber Ventures and Autotropolis
Irvine-based Autobytel, which runs an online information site for automotive information and a corresponding automotive leads business, said this morning that it has acquired substantially all of the assets of Cyber Ventures, Inc. and Autotropolis, Inc., based in Tampa, Florida. Both firms were run by the same staff, and provide content and search marketing for the consumer automotive market. Financial terms of the buy were not disclosed. Autobytel said that Cyber Ventures and Autotropolis had a combined, $10M in annual revenues in 2009. Autobytel said the acquisition would extend its core growth and margin-enhancement strategy. The co-founders of Cyber Ventures and AUtotropolis, Ian Bentley and William Ferriolo, are joining Autobytel along with the acquisition. There had been indications yesterday that Autobytel was about to make an acquisition, based on regulatory filings reported on by socalTECH.