In a bid to buff up its offerings for small businesses, search provider Findwhat.com Wednesday announced plans to acquire privately-owned Miva Corporation, a leading supplier of e-commerce software and services to small and medium-sized businesses (SMBs). FindWhat agreed to pay privately held Miva's shareholders $2.7 million in cash and $2.7 million in stock, also assuming about $2.5 million in notes and liabilities.
The merger, which is expected to close by the end of the year, will offer a more complete, comprehensive business solution to SMBs.
Miva Merchant software allows SMBs to create online storefronts with shopping cart capability; other complementary e-commerce services including new payment and shipping modules and plug-ins are available a la carte. With the merger with FindWhat.com, small business marketers now will be able to cost-effectively promote their Web sites.
"FindWhat.com is focused on the needs of the small to medium-sized business," stated Craig Pisaris-Henderson, chairman and chief executive officer of FindWhat.com. "Miva Merchant can be a valuable addition to our service offering--we help small to medium-sized enterprises promote their online business, and, under this proposed transaction, we also will help them to create and manage their online business."
"Marrying our strong software capability to the excellent service capability of FindWhat.com should provide an optimal solution for online merchants," said Joe Austin, president and chief executive officer of Miva.
FindWhat.com operates as a paid search provider, connecting consumers and businesses that are most likely to purchase specific goods and services with its advertisers.
Founded in 1996, Miva Corp. will bring to FindWhat 70,000 registered users of its flagship Miva Merchant product, including over 85,000 storefront registrations. Miva has also signed up more than 1,100 hosting, technology and value-added distribution partners.
Brian Morrissey contributed to this report.
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