EDGAR Online and UBmatrix merge

November 23, 2010 — Fusion DigiNet

EDGAR Online has merged with UBmatrix to creates a global, end-to-end provider of solutions for the creation, validation and analysis of XBRL (eXtensible Business Reporting Language) content. The stockholders of EDGAR Online approved the stock issuances contemplated by the merger agreement at the Company’s 2010 Annual Meeting on November 18, 2010 following previous approvals by the Board of Directors of the Company, and the Board of Directors and shareholders of UBmatrix. UBmatrix, one of the original inventors of the XBRL financial standard, will operate as a wholly-owned subsidiary of EDGAR Online, maintaining its existing brands.

The merger was an all equity transaction with the issuance by EDGAR Online of preferred and common shares equal to approximately 16% of the Company’s common stock on a fully diluted basis, subject to post-closing adjustments. In addition to the merger consideration, current UBmatrix shareholders have invested an additional $2 million in cash into the Company through the purchase of additional EDGAR Online preferred shares (convertible into 1,381,088 common shares of EDGAR Online as of January 28, 2015). Further details may be found in EDGAR Online’s definitive proxy statement filed with the SEC on October 20, 2010.

“I am extremely pleased that we have completed this strategic merger of two of the leading companies in XBRL today,” said John Connolly, Interim CEO of EDGAR Online. “UBmatrix has strong expertise and leadership in the software used by global regulators—including the U.S. Securities and Exchange Commission through its contract with Keane Federal Systems—as well as by major corporations through its enterprise software partners such as Oracle and SAP. UBmatrix’s products are great complements to our existing filing creation services and data products that will enable us to efficiently expand our XBRL footprint, take advantage of new partnerships, customers and efficiencies, and capitalize on a dynamic and growing market.”

EDGAR Online noted that the users of and applications for XBRL are growing rapidly, driven in part by government regulations. As mandated by the SEC, in June 2011 more than 8,000 additional public, private and foreign companies will begin filing in XBRL, and beginning in January 2011 more than 8,000 mutual funds must file their risk/return summaries in XBRL.

The merger with UBmatrix marks a significant milestone in EDGAR Online’s transformation from a niche provider of U.S. SEC EDGAR documents into a leading provider of XBRL products and services that improve the flow of business information, and a business with diverse revenue streams that is well positioned to capitalize on the exploding XBRL market. The combined company will have the ability to serve customers with a comprehensive set of products and services, great depth of experience and a strong set of partners in the XBRL market.

USA, New York, NY & Redwood City, CA

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August Equity LLP exits its investment in Imagine Publishing

November 23, 2010 — Fusion DigiNet

Private Equity firm August Equity has completed the exit of its investment in Imagine Publishing via a refinancing and buy back.  The buy back generates a 2 times money multiple return for August Equity managed funds.

Imagine is one of the UK’s fastest-growing specialist consumer magazine publishers, with over 20 print magazines, 18 iPhone/iPad digital editions, and 27 websites published worldwide within the entertainment, computing, digital photography and videogames markets.

August Equity managed funds initially invested in Imagine in January 2006 when they provided £7 million expansion capital, enabling the management team to acquire a portfolio of magazine titles from Highbury Entertainment Limited.  Since then the group has acquired a number of magazines, launched a host of their own titles and produced a bookazine range which has significantly contributed to the growth of the business.

Damian Butt, managing director of Imagine, commented: “The August Equity team has been very supportive throughout the investment period and contributed significantly to the growth of the business.  However, we are excited to have bought back the August Equity stake and will continue to develop our magazine, bookazine and website portfolio.”

Richard Green, August Equity chairman, said: “We are delighted with the exit of Imagine.  The business has continued to grow strongly in a difficult market and has provided a healthy return for our investors.  The team is highly focussed and creative and will continue to drive growth in the business.

UK, London and Bournemouth, Dorset

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Axel Springer has been on a digital buying spree

November 20, 2010 — Fusion DigiNet

An interesting article on paidContent earlier this week describes how Axel Springer has been on a digital buying spree, taking stakes in CarWale: (giving springer 52.1%), BagItToday.com (19.1%), Sohomint.com (72.6%) and Buy.at. Also had an offer rejected for eLoger.com.

Read the full story on paidContent here.

Axel Springers announcements are below.

Germany, Berlin

Announcements

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Aspiro sells mobile entertainment business to Exsol Oy

November 20, 2010 — Fusion DigiNet

TV and music streaming services business Aspiro has sold its remaining Mobile Entertainment business in Finland to Exsol Oy. The initial purchase price is €100,000, plus an earn-out which should give Aspiro a minimum of €200,000 euros over a two year period. The earn-out model is based on 15% percent of the pay-outs from the operators. Net sales for the Mobile Entertainment business in Finland from January-September 2010 was about 7.5 million SEK. Earnings after direct expenses for the same period were approximately 1.8 million SEK and EBITDA of minus 0.7 million SEK.

“We are streamlining our operations and focusing mainly on streaming services in music, television and video, as well as business solutions in the Mobile Solutions area. We see very high growth potential in the future and it is therefore positive that we can focus even more on our core business, “says Aspiro’s CEO Gunnar Sellæg.

Aspiro delivers services to partners worldwide like T-Mobile, Telefónica O2, Telenor, 3, TeliaSonera, Tele2, the BBC, Aftonbladet, mBlox, TVNorge, Entel and VG. Aspiro is listed on Nasdaq OMX Nordic Exchange Stockholm and has a local presence in all the Nordic and Baltic countries. Sales for continuing operations in 2009 were SEK 249 m and the company has some 115 employees.

Finland

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Newsweek and The Daily Beast combine

November 19, 2010 — Fusion DigiNet

Newsweek magazine and The Daily Beast, an operating company of IAC, have agreed to merge their operations in a joint venture to be owned equally by Sidney Harman and IAC.

The new entity will be called The Newsweek Daily Beast Company. The directors of the joint venture will include Dr. Harman as Executive Chairman, IAC Chairman Barry Diller, and one director each to be appointed from either side.

Dr. Harman, who acquired Newsweek magazine from the Washington Post Co. over the summer, said: “In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy. I like partnering with Barry Diller and I look forward to building our company with Tina Brown and Stephen Colvin.”

Sidney Harman is Founder and Chairman Emeritus of Harman International, the worldwide audio manufacturer. He served as U.S. Deputy Secretary of Commerce, founded the Program on Technology, Public Policy and Human Development at Harvard University and holds a Presidential Chair at the University of Southern California where he is Professor of Polymathy. He is a trustee of the California Institute of Technology. He is the founder of the Harman Center for the Arts and of Sidney Harman Hall in Washington, D.C.

Tina Brown, a founding partner and Editor-in-Chief of The Daily Beast, will be Editor-in-Chief of both Newsweek magazine and The Daily Beast. The President of The Daily Beast, Stephen Colvin, will serve as CEO of the combined venture.

“I see Newsweek and the Beast as a marriage between Newsweek’s journalistic depth and the vibrant versatility The Daily Beast has realized on the web,” said Ms. Brown. “The metabolism of The Daily Beast will help power the resurgence of Newsweek and Newsweek amplifies the range of talent and audience The Daily Beast can reach. The two entities together offer writers, photographers and marketers a powerful dual platform.”

“I am really excited we were able to (finally) put this together,” said Mr. Diller. “In The Daily Beast, Tina and her truly great team have in Internet-time created an hourly, daily newsmagazine and now will have the ability to revive the weekly venerable Newsweek with all the tools and sensibility they’ve perfected in the Beast. I’m so pleased to join with Dr. Harman in our new Company. He’s such a compelling force and I’m sure he will stimulate this undertaking every day.”

Created by Tina Brown and IAC in October of 2008, The Daily Beast is a website dedicated to news and commentary, culture and entertainment that has quickly become one of the most recognized national news brands. The two-year old business has swiftly reached an audience of nearly 5 million monthly unique visitors and has just been rated by TIME magazine this year as one of the five best news sites in the country. Prior to launching The Daily Beast, Ms. Brown made a career rejuvenating storied magazines including Tatler in the UK, Vanity Fair and the New Yorker.

Newsweek Magazine is an award-winning, weekly news magazine that provides comprehensive coverage of national and international affairs, business, science and technology and arts and entertainment. It has three English-language editions overseas and six weekly local-language editions.

Since his appointment in 2009 as President of the Daily Beast, Mr. Colvin has had a significant impact in all areas of the business, including securing numerous 2010 marketing partnerships that have translated into more than 60 advertising campaigns on The Daily Beast. Previously Mr. Colvin was CEO of Dennis Publishing US where he oversaw the launch of many media properties including The Week magazine and Maxim. Before joining The Daily Beast he was Executive Vice President of CBS Interactive.

“Consumers and advertisers value media distributed across multiple platforms,” said Mr. Colvin. “The merger of The Daily Beast and Newsweek audiences creates a powerful global media property for the digital age.”

Guggenheim Securities, LLC advised Dr. Harman on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as lead counsel for IAC, and Williams & Connolly LLP represented Dr. Harman.

USA, New York, NY

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Expedia to acquire mobile travel apps business Mobiata

November 19, 2010 — Fusion DigiNet

Expedia has entered into an agreement to acquire Mobiata, creator of best selling mobile travel applications including FlightTrack. The deal marks Expedia’s most significant investment to date in addressing the mobile travel market, and accelerates the company’s ability to enable mobile travel shopping and booking across multiple platforms.

“With the pace at which mobile traffic to Expedia sites is exploding, we wanted the right team to help us address the sizable opportunity swiftly and successfully,” said Dara Khosrowshahi, CEO of Expedia, Inc. “There’s simply no better company out there doing mobile travel apps with the same level of design sensibility and utility as Mobiata.”

In its first two years since it was founded in 2008, Mobiata has developed a host of best selling travel apps, including FlightTrack, which has ranked a Top 5 best selling iPhone travel app for 18 months straight; best selling itinerary manager app TripDeck™ and best selling hotel booking app HotelPal™.

“We are thrilled to be joining the biggest and best online travel company while maintaining the creative passion for mobile travel apps that makes Mobiata unique,” said Ben Kazez, president and founder of Mobiata. “Together with Expedia, we believe we can continue to revolutionize the way people plan, book, and manage travel – from anywhere on any device.”

Mobile traffic currently accounts for approximately four percent of all visitors to Expedia.com®, with mobile bookings up in 2010 nearly five times over the previous year. “Mobile and travel are just made for each other,” said Joe Megibow, VP of Global Analytics and Optimization for Expedia®. “The mobile device is always with us; it’s always on. Getting mobile right for our customers is something we take very seriously.”

With its experience offering mobile travel design and development services to third parties, Mobiata brings to Expedia the proven ability to design and execute the most compelling travel apps available to mobile users.

Mobiata will remain in its headquarters in Ann Arbor, MI. Financial terms of the agreement were not disclosed.

USA, Ann Abbor, MI & Bellevue, WA

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Sittercity acquires in-home care website Sitters.com

November 19, 2010 — Fusion DigiNet

Sittercity.com has acquired Sitters.com website. Sitters.com is the third-largest in-home care website and has developed a significant sitter and parent network throughout its almost 10 year history. This acquisition will expand Sittercity’s current database of close to 2 million users. Terms of the deal were not disclosed.

Sittercity.com helps people in need find experienced babysitters, nannies, pet sitters, dog walkers, housekeepers and tutors nationwide.

“We are excited to announce the acquisition of Sitters.com,” said Martin Clifford, CEO of Sittercity. “It significantly expands our portfolio and strengthens Sittercity’s competitive advantage in the marketplace.”

“For almost a decade, Sitters.com and Sittercity.com have been pioneers of the in-home online care industry,” said Mike Cravens, founder of Sitters.com. “Our two companies have revolutionized the manner in which parents and individuals are able to find in-home care providers, giving them the tools they need to find a safe, reliable sitter in their neighborhood.”

Cravens will become a strategic advisor to Sittercity as well as a stockholder.

USA, Chicago, IL

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Thomson Reuters Acquires Pangea3

November 19, 2010 — Fusion DigiNet

Thomson Reuters has acquired Pangea3, a fast-growing legal process outsourcing (LPO) provider serving corporate legal departments and law firms worldwide. Terms of the deal were not disclosed.

The acquisition extends the Thomson Reuters strategy to develop world-class information, software and workflow solutions for legal professionals around the world. Pangea3 is headquartered in New York and Mumbai, India, and has 650 employees at its major delivery centers in Mumbai and New Delhi. Pangea3’s client base includes Am Law 250 law firms and some of the world’s largest financial services, pharmaceutical, healthcare, food and beverage, technology and consumer goods companies. The firm offers a variety of services organized into four distinct lines of business including legal document review; corporate transactions; intellectual property; and risk management and compliance.

Peter Warwick, president and chief executive officer of Thomson Reuters, Legal, said legal process outsourcing adds a vital strategic complement to the Thomson Reuters portfolio of specialized information and workflow solutions, and will be key to helping law firms and corporate legal departments be more responsive and cost-effective. “Pangea3 is true to our mission to help the legal system perform better, every day, worldwide; we will now bring to the legal marketplace a responsive, high-quality, transformative resource for a broad range of legal support work. This is particularly important as law firms and general counsel adjust to the realities of the ‘new normal,’ where efficiency, quality and responsiveness are paramount,” he noted.

Pangea3 is seen as the world standard in the LPO marketplace, which is growing at more than 20 percent annually and projected to exceed U.S. $1 billion this year.

“The addition of Pangea3 to the Thomson Reuters family creates a solid foundation in the global solutions suite that is a perfect fit in our long-term growth strategy,” said Tony Abena, president and general manager, Global Legal Solutions. “With overlays in key  segments including our Corporate General Counsel, IP Solutions, Governance, Risk and Compliance and Law Firm businesses, we’re aligning ourselves more closely into general counsel and law firm workflows. Pangea3 brings to Thomson Reuters a broad and rapidly growing client base, and a reputation that is unmatched in the LPO marketplace. I’m very pleased to welcome the Pangea3 team to Thomson Reuters.”

“Joining forces with Thomson Reuters will further accelerate and expand our ability to provide impactful and transformative solutions to our corporate and law firm clients,” said David Perla and Sanjay Kamlani, co-CEOs of Pangea3. “Thomson Reuters is the perfect partner for Pangea3’s clients and team-members to continue to grow and solve the increasingly complex and expensive challenges facing legal professionals around the globe.”

“Pangea3 has been a valued provider for me, and is an attractive alternative for my clients,” said Jeff Jaeckel, a partner at Morrison & Foerster and head of Morrison & Foerster’s Washington, D.C. and Virginia Litigation Department. “We look forward to even bigger and better solutions as Pangea3 joins forces with Thomson Reuters.”

Founded in 2004 by Perla, formerly Monster.com vice president, Business & Legal Affairs, and Kamlani, who was OfficeTiger CFO and general counsel, Pangea3’s team of top-tier legal talent uses rigorous Six Sigma methodologies to ensure high-quality legal services. Perla and Kamlani will continue in their current roles, and all 650 Pangea3 employees will join Thomson Reuters, remaining based in their New York, Mumbai and New Delhi offices.
India, Mumbai & USA, New York, NY

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ZeniMax Media acquires game publisher Bethesda Softworks

November 19, 2010 — Fusion DigiNet

ZeniMax Media Acquires European StudiZeniMax Media, parent company of noted game publisher Bethesda Softworks, today announced it has acquired a European development studio, MachineGames, based in Uppsala, Sweden.

Established in 2009 by the founding members of Starbreeze Studios, the creative team behind the award-winning title, The Chronicles of Riddick: Escape from Butcher’s Bay and the highly-regarded game, The Darkness, MachineGames is working on an unannounced project for ZeniMax publishing subsidiary, Bethesda Softworks, that is being built on id Software’s revolutionary id Tech® 5 engine technology.

Jerk Gustafsson, the studio’s CEO who will also oversee development as Executive Producer, expressed his studio’s enthusiasm at joining ZeniMax by saying, “Working with our new colleagues at id and the world class publisher, Bethesda Softworks, is a tremendous opportunity.”

“MachineGames has assembled a dedicated team that has extensive experience working together to produce quality games. We are excited to create a new AAA title for gamers on id Tech 5 that will push the game development envelope,” Gustafsson continued.

MachineGames joins a group of high-profile development studios which includes Bethesda Game Studios®, id® Software, Arkane® Studios and Tango Gameworks™. This deal reinforces Bethesda’s commitment to delivering premier titles to gamers worldwide.

“MachineGames shares our passion for creating ground-breaking gaming experiences,” said Robert Altman, Chairman and CEO of ZeniMax Media. “We are excited to have these accomplished industry veterans join ZeniMax Media’s group of world-class studios.”

Sweden, Uppsala & USA, Rockville, MD

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Federated Media acquires Foodbuzz

November 18, 2010 — Fusion DigiNet

Federated Media has acquired Foodbuzz, an online food community that, according to Federated Media, is the fastest growing in its space.

Foodbuzz has more than 4,400 independent food bloggers reaching more than 14 million unique users per month. Combined with Federated Media’s premier food sites, including Serious Eats and Bakerella, the new offering will give marketers increased opportunities to engage with audiences sharing recipes and recommendations.

Federated Media’s purchase of Foodbuzz comes on the heels of three other significant transactions: the acquisition of BigTent, the leading community platform for local groups, especially groups of parents; the acquisition of semantic-search technology from TextDigger; and a partnership with the Clever Girls Collective to reach audiences on more than 1,000 top-quality lifestyle blogs.

USA, San Francisco, CA

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