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Search engine operator Ask Jeeves announced today that it has signed an agreement to acquire privately-held Interactive Search Holdings for 9.3 million shares of common stock and options, along with $150 million in cash. Based on the company’s March 3 closing price, the total purchase price amounts to $343 million.
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Search engine operator Ask Jeeves announced today that it has signed an agreement to acquire privately-held Interactive Search Holdings for 9.3 million shares of common stock and options, along with $150 million in cash. Based on the company’s March 3 closing price, the total purchase price amounts to $343 million.
Ask Jeeves may also pay an additional $17.5 million in cash based on various factors including Interactive Search Holdings' operating performance.
"The acquisition of Interactive Search Holdings will be an important step in Ask Jeeves' growth strategy," said Steve Berkowitz, CEO of Ask Jeeves. “This acquisition will double our market share, enhance our ability to compete in the fast-growing search market, and is expected to increase the financial returns to our shareholders.
A press release states that Interactive Search Holdings is one of the largest privately held online search and media companies, ranking as the 9th most visited U.S. property on the Web in December 2003.
"Interactive Search Holdings shares Ask Jeeves' commitment to search," said Jonas Steinman, co-CEO and founder of Interactive Search Holdings. "We have been successful growing our search business and joining Ask Jeeves gives us an even greater opportunity to scale going forward."
Once the acquisition is completed, Interactive Search Holdings will become a subsidiary of Ask Jeeves and its operations will remain in New York. Officials expect the transaction to be completed by this year’s second quarter.
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