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Online media and software company Internet Brands has been acquired by an investment firm for a reported $1.1 billion.
KKR, which owns domain name registry GoDaddy, has bought it from Hellman & Friedman and JMI Equity, four years after they paid $640 million for the company in 2010.
Based in California, Internet Brands operates websites such as lawyers.com and provides “software solutions” to car companies including Toyota, Mazda and Chrysler.
Internet Brands’s management will hold a minority stake in the company – which covers the auto, health, legal, and home and travel markets – and will continue to run it.
The deal’s price was not disclosed but the New York Times quoted two sources as saying the deal is worth $1.1 billion.
Internet Brands chief executive Bob Brisco said he is “delighted to be partnering with KKR at this important juncture in our business, when we have dramatically expanded our client solutions portfolio and our growth in key areas is accelerating”.
Herald Chen, co-head of KKR’s technology investing team, added: “Internet Brands is at an exciting inflection point of growth as the company transitions from a portfolio of web assets to a vertically integrated provider of media and client software solutions.
“Its growth has been driven by its propriety operating platform and a management team with a focused vision. We look forward to partnering with the team and supporting the company in its next phase of growth.”
internet brands; KKR; godaddy; Hellman & Friedman, JMI Equity