Sold for $16 Million has announced it sold the domain name for US$16 million in cash to QuinStreet, making it the largest reported domain name sale of the year to date, and possibly the largest ever. The domain name was acquired by for $1.6 million in December 2001.Now trading under the names of Life Quotes and Consumer Insurance Guide., the former will retain almost all of its existing customers and business, meaning the value of the sale is almost solely for the domain name.Other reported notable sales for the year to date are ($5.1m), ($3m) and ($1.76m) according to Domain Name Journal. In previous years some of the biggest reported sales include ($9,999,950 in 2008), ($9.5m in 2007), ($12m in 2006) and ($7.5m in 2006)QuinStreet has been in the market before for quality generic .com domain names, with Elliot’s Blog reporting the company paying $18 million for a portfolio of domain names under the brand in August.”We have sold our name and specified website content in a significant cash transaction that we think is in the best long-term interest of our shareholders,” remarked Robert Bland, chairman and CEO of the Company. “This transaction has other benefits to our shareholders and employees in that it will allow us to focus on our brokerage operation and insurance marketing businesses. As a result of this transaction, we are projecting reduced revenues of approximately 10-15 percent with increased marketing expenses for the next 2-6 quarters as we rebuild under a new brand name and move from a content-based website to a transaction-based website.”Phil Perillo, CFO, remarked, “This transaction, which calls for a $15 million cash payment now and a $1.0 million payment in 365 days, significantly increases our shareholders’ equity and stockpile of cash. As a result of this asset sale, the Company now has approximately $24 million of cash and investments, no debt, stockholders’ equity of $31.4 million and a book value of approximately $4.98 per share.”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.