Thursday, January 24, 2008
Autobytel Sells Unit For $22.75M
Irvine-based Internet marketer Autobytel said this morning that it has sold its AVV data extraction and customer relationship management (CRM) business to Dominion Enterprises. The deal is worth $22.75M in cash. According to Autobytel, the move to sell the unit is part of a strategy to divest its non-core operations. AVV is based in Columbus, Ohio, and develops software under the name "Web Control" used for managing sales prospects and customer relationships at automotive dealers. Autobytel said the deal also includes a working capital payment of approximately $1.1M, and which remains subject to adjustment. The firm said it will earn approximately $8.2M in connection with the sale.