But the social network’s advertising revenue grew 18.4% during the quarter.
Market Net will help Bridgeline expand in the southern United States.
Bridgeline Digital Inc., a provider of web content management systems, announced today that it has bought Market Net, whose services include web design, mobile app development and content management. Bridgeline says it paid $1.2 million for Market Net, which was founded in 1994.
"MarketNet has outstanding development and delivery capabilities that closely mirror Bridgeline's,” says Thomas Massie, Bridgeline’s chairman and CEO. “In addition, we believe their deep knowledge in web content management and e-commerce will increase iAPPS distribution in the south-central United States, which is a very important target market for Bridgeline." IAPPS is the name of Bridgeline’s web platform.
Jill Bach, Market Net’s founder and principal owner, joins Bridgeline as senior vice president of engagements. Alan Bach, a Market Net vice president, becomes Bridgeline’s senior vice president and general manager for the Texas region.
Also today, Bridgeline says it has raised $2.5 million from what it calls “selected accredited investors” in a private placement. Bridgeline says it will use the money for working capital, possible acquisitions and to “support its recent alliance with a Fortune 500 company.” That company was not named. Taglich Brothers Inc. served as the placement agent for the transaction.