AFCV Holdings Acquires Answers.com For $127 Million
Answers.com has been acquired for $127 million in cash ($10.50 per share) by AFCV Holdings, a portfolio company owned by Summit Partners. AFCV is delisting Answers.com from the NASDAQ and is taking the company private.
Answers.com is a Q&A website that has over 5.5 million registered users. They recently hit their 10 millionth answer and launched an iPhone application. The company also started including video answers powered by 5min.com.
“After 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,” stated Answers.com Founder, Chairman, and CEO Bob Rosenschein. Answers.com is the second largest Q&A website in the world.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry