AOL buys Gravity for $90 million
AOL has acquired Internet personalization and optimization company Gravity for $90.7 million. Gravity was founded by former MySpace employees Amit Kapur, Jim Benedetto and Steve Pearman in 2009. AOL will use Gravity to personalize content for their network of properties.
“The web is moving to the era of personal, and a personal web filter will reshape how consumers get information and services,” stated AOL Chairman and CEO Tim Armstrong. “Gravity is joining AOL to lead the personalization transformation of AOL’s brands and platform partners.”
AOL bought Gravity for around $83 million with an additional $7.7 million of consideration that will be deferred and paid in two years following the closing. The closing is expected to happen in Q1 2014.