CityGrid Acquires Performance-based Local Advertising Company, Felix
WEST HOLLYWOOD, Calif. and NEW YORK, Aug. 20, 2012 /PRNewswire/ -- CityGrid, an operating business of IAC (Nasdaq: IACI) and a leader in local business advertising solutions, announced the acquisition of Felix, the rapidly growing performance-based local advertising service for small and medium-sized businesses. Felix will operate as an independent business under CityGrid, which includes local sites Citysearch, Insider Pages and Urbanspoon, and will report to CityGrid's CEO, Jason Finger. Terms of the deal have not been disclosed.
"CityGrid's mission is to empower local businesses to thrive by providing them with tools designed to acquire and manage customers effectively. Felix's products and the team that developed and supports them are a valuable addition to our suite of offerings," said Jason Finger, CEO of CityGrid.
Felix is innovating advertising by offering the most sophisticated pay-per-action phone advertising product to local businesses. Instead of paying for clicks or all phone calls, merchants only pay for high quality customer calls that are likely to lead to customers. Using advanced voice recognition and call analytics technology, bundled with easy-to-use tools, Felix enables merchants to market themselves with highly effective techniques previously available only to large enterprises. For businesses that depend upon high-quality phone calls to acquire new customers, Felix offers one of the best advertising services in the local market segment.
Felix has provided distribution to its merchant customers on CityGrid's local advertising network since 2009. Post acquisition, CityGrid will further leverage the distribution opportunities for Felix customers as well as pursue other product integration opportunities.
"CityGrid is a high quality thought leader in the local space and our merchants will benefit greatly from expanded distribution and the infrastructure and complementary tools now available to us. We are excited by this important milestone in our organization's history and look forward to being part of the CityGrid family," said Brent Metz, co-founder, Felix.
The deal closed on August 15th, 2012.
CityGrid is an online media company that connects web and mobile publishers with local advertising organizations by linking them through CityGrid®, its local content and advertising network. CityGrid Media owns and operates leading local properties including Citysearch, Insider Pages and Urbanspoon. CityGrid is an operating business of IAC (NASDAQ: IACI). For more information, visit www.citygridmedia.com.
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