Atex is buying the 80% stake in Kaango owned by MediaNews and Hearst Corp.

The Fusion Team have completed over 70 digital and media transactions for its private, corporate and private equity clients. For more information contact pkelly@fusioncorp.co.uk or visit our website
 
 
ACQUISITION 
FDN Database Reference:  F231109-347
 
Acquirer:  Atex
ACQ Web:  http://www.atex.com
Location:  UK, Reading
Region:  Europe
Description:  Atex is a supplier of software systems and services  to the media industry. Atex was founded in Massachusetts in 1973.
Category:  Advertising
Contact 1:  David Montgomery, Atex Head of Global Product Development
Contact 2:  Douglas Drane, founder
Contact 3:  Charles Ying, founder
Contact 4: Richard Ying, founder
 
Vendor:  Hearst Corporation and MediaNews Group
Business Sold: Kaango
ACQ Web: http://www.kaango.com
Location:  USA, Greenwood Village, CO
Region:  North America
Description:  Kaango, which launched its first affiliate site in 2006 and currently serves more than 200 publishers in the U.S., provides a technologically advanced Web-based software platform to syndicate and publish its media partners’ print and online classified ads.
Category: Advertising
Contact 1:  Michael Kranitz, the  founder and former CEO of Kaango
Contact 2:  Joe Conti, COO
 
Aprox. Value:  Undisclosed (Hearst Corporation and MediaNews Group paid $20 million for 80 percent of Kaango in November 2007)
 
Details:  Atex is buying the 80% stake in Kaango owned by MediaNews and Hearst Corp. Both companies will retain a minority stake in Kaango. Michael Kranitz, the  founder and former CEO of Kaango, will continue to work with Atex. Kaango’s product development team will remain based in Denver, CO as part of Atex’s global development resources. Joe Conti will act as Kaango’s COO and he will continue to manage the day-to-day operations in Denver.
 
Link: Company Announcement

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