FindWhat.com to Purchase Miva Corporation

• By theWHIR.com , September 03, 2003

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September 3, 2003 -- (WEB HOST INDUSTRY REVIEW) -- Pay-Per-Click (PPC) search engine FindWhat.com (findwhat.com) said today it planned to acquire Miva Corporation, a provider of online merchant services to small and medium-sized businesses.

FindWhat.com said it intends to purchase the firm for $5.5 million, plus the assumption of approximately $2.5 million in notes and other liabilities.

The company said the move was the first step in an effort to help small businesses not only locate customers, but retain them as well. FindWhat.com also said it believed the combination could provide more opportunities to Miva's Web hosting partners, as Miva has signed up more than 1,100 hosting and technology firms to offer its products to clients.

According to FindWhat, Miva has a base of over 70,000 registered users for its Miva Merchant product, and over 85,000 storefront registrations. The company has added approximately 2,000 new merchant registrations per month over the past 24 months.

FindWhat.com currently has a base of 25,000 active advertisers that pay for targeting Web site traffic on a per-click basis. FindWhat.com's distribution network includes CNET's Search.com, Excite, Webcrawler, MetaCrawler and Dogpile. In June, the company announced plans to merge with Espotting Media Inc., a popular European PPC search engine.

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