Mergers and Acquistions News
Categories: IT Services & Consulting
August 4th 2011, 14:14PM
Internet services provider Web.com has announced a takeover of Network Solutions as part of a move to increase revenues it generates from providing web services to small and medium-sized enterprises (SME).
Network Solutions specialises in offering domain name registration, online marketing and other website services to small firms and Web.com said in a statement that the deal "will create a leading end-to-end online solutions company with a clear path to $500 million (£305 million) in non-GAAP revenues".
Quarterly financial results from the Web.com show non-GAAP revenue for the three months to June 2011 were $46.2 million, slightly ahead of expectations.
Chairman and chief executive officer of Web.com David Brown described the purchase agreement as a "unique opportunity" for the business to increase its scale of operations and boost market share.
He added that the company will be "in a strong position" to upsell its existing services to Network Solutions' retail and wholesale customers worldwide.
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