Q&A Site Answers.com Acquired By AFCV Holdings For $127 Million In Cash
Q&A platform Answers.com has been acquired by AFCV Holdings, a portfolio company of Summit Partners, for $127 million in cash or $10.50 per share. Interestingly, AFCV will be delisting Answers, which was a public company, from the stock market and taking the company private.
Answers operates a community-generated Q&A site at Answers.com and recently hit its 10 millionth answer and launched an iPhone app, a free fast-paced trivia game dubbed blufr. And the company also began including video answers.
Bob Rosenschein, Founder, Chairman and CEO of Answers.com says in the release: â€œAfter an exciting six years as a public company, we are very pleased to achieve considerable value for our investors. This agreement is also a positive for our community members. The integrity and commitment of our company to our products remain unchanged, as we continue our mission of creating the ultimate destination for answers.”
Of course, Answers.com’s stockholders still have to consider and vote on the proposed merger and merger agreement. But the transaction is expected to close in the second quarter of 2011.
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