Buyout of Traffix Inc. completed
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- February
- 4
New Motion Inc. announced that it has completed its buyout of Traffix Inc., the Pearl River company that provides Internet advertising for clients.
The buyout, originally announced on Sept. 26, valued Traffix at more than $138 million. As a result of the transaction, Traffix became a wholly owned subsidiary of New Motion, a digital entertainment company based in Irvine, Calif.
Traffix stockholders own about 45 percent of New Motion as a result of the deal. The headquarters of the combined companies will be based in New York City.
Traffix started in 1993 as Quintel Communications, providing clients with television and direct mail advertising, as well as telemarketing services. Seven years later, the company switched its focus to the Internet. The company’s client base included advertisers, direct marketers and wireless phone companies.
“This transaction combines two highly complementary companies into a digital advertising and entertainment network,� said Burton Katz, chief executive officer of New Motion, said in a written statement. “We are now able to further leverage the growing convergence trend between the online and wireless mediums.�
Shares of New Motion trade on the Nasdaq Stock Market under the symbol “NWMO.�
This entry was posted
on Monday, February 4th, 2008 at 12:06 pm by Jay Loomis.
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