FindWhat.com, a search service that links prospects with businesses through its online search functions, will make Espotting, an Internet advertising firm, a wholly owned subsidiary.
Under the terms of the agreement, Espotting shareholders will receive roughly 8.1 million shares of FindWhat common stock and $27 million in cash.
Craig Pisaris-Henderson, currently president and CEO of Findwhat, will continue in that role within the new company. FindWhat COO/CFO Phillip Thune, and chief technology officer Anthony Garcia will also retain their titles.
Espotting founder and CEO Daniel Ishag will become vice chairman, and Espotting co-founder Sebastian Bishop will become chief commercial officer. Espotting COO Jonathan Bunis will become president-Europe, and the firm’s CFO Stephen McDonnell will become SVP-Europe.
Whether or not the new entity will have a new name will be worked out, said Thune. As its reach will extend across many languages, “We’ve got to make sure we’re not offending anyone in Italy or Germany,” he said.
The combined company will service approximately 40,000 advertisers, and is expected to generate combined revenue in excess of $140 million in 2003.
Both companies have been in a hiring mode: FindWhat had 115 staff members at the beginning of 2003, and currently employs 150. Espotting has grown from around 50 employees at the beginning of 2002 to 185 a year and a half later. Neither Thune nor Bunis anticipated any need for staff reductions.
Espotting is based in London, and offers its services throughout the UK, France, Germany, Spain, Italy, Sweden, Denmark, Norway, Ireland and Switzerland.
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