Nettaxi.com, Campbell, CA, a community and portal Web site has singed a letter of agreement to acquire GoHip.com Inc., a privately held direct marketing firm.
Under the terms of the agreement, Nettaxi will acquire 100% of the outstanding capital stock of GoHip at the time of the closing. GoHip will receive Nettaxi's common stock, currently valued at $84 million. The deal is expected to be completed by July 30.
GoHip's Browser Enhancement allows users to customize their browser to continually access their areas of interest. Some 8 million users have downloaded the latest version of this technology, according to Nettaxi. GoHip.com has approximately 110 million visitors and 500 million ad impressions per month.
"This is a significant acquisition for Nettaxi," said Nettaxi's CEO Robert A. Rositano Jr., in a statement. "Upon the completion of the merger, we will achieve real quarterly earnings."
NetTaxi develops commerce-enabled communities that offer members a place to build their "homes" or businesses on the Web.
