Tuesday, February 24, 2009
Internet Brands Sees Quarterly Boost, Buys Three Websites
Los Angeles-based Internet Brands announced its fourth quarter and fiscal 2008 results, reporting that--despite the recession--the firm saw an increase in its fourth quarter revenues of 8%, or $27.0M versus $24.9M a year ago. The company also disclosed that it has acquired three more websites, as the firm continues to acquire web properties in various vertical markets. In its earnings release, Internet Brands said it has acquired CVtips.com, an online job search site; Steves-digicams.com, a web site focused on news and reviews of digital cameras; and SellMyCar.com, a web site listing used and new automobiles. The firm also reported it had acquired GrooveJob.com, which it had previously announced back in October. No financial details on the buys were disclosed, however, the firm said it spent $62.6M for 29 website related acquisitions during 2008. It appears that the firm spent around $2.7M between the GrooveJob.com, CVtips.com, Steves-digicams.com, and SellMyCar.com, based on numbers the firm released last quarter for acquisitions. Looking toward future acquisitions, the firm said it expects to invest less in acquiring web sites this year, although it said it will continue to be active; the firm said the savings will come due to "significantly lower target acquisition valuation multiples."