The two firms will become independent publicly traded companies in 2015. The move follows pressure from investor Carl Icahn to spin off the payments ...
San Francisco-based LookSmart, a company that does search-targeted marketing, has completed its acquisition of WiseNut Inc. for $9.25 million.
San Francisco-based LookSmart, a company that does search-targeted marketing, has completed its acquisition of WiseNut Inc., a provider of a patent pending, search engine technology. The transaction, valued at $9.25 million, includes the exchange of 3.8 million shares of LookSmart common stock for all the outstanding WiseNut stock.
LookSmart says it enables its clients to reach 77% of U.S. Internet users with commercial search listings through such portals and ISPs as Microsoft Corp.’s MSN network, AltaVista, Netscape NetCenter, Prodigy, Juno, Go2Net, AskJeeves, and several others. LookSmart says the addition of WiseNut’s technology will give LookSmart more relevant search results. WiseNut’s patent pending system includes an advanced ranking system for its searches.
LookSmart says the acquisition will give the company a competitive edge by combining two services in one solution. "As we integrate WiseNut’s search technology over the next few quarters, LookSmart will be able to offer our portal and ISP partners a full service solution that includes a scalable billion document index infrastructure, next generation search relevance and strong listings revenue," Evan Thornley, chairman and CEO of LookSmart, said in a statement. By acquiring WiseNut, LookSmart will be able to compete with companies that have only search technology or listing revenue generation.