Data marketer to buy Powerize.com

Hoover's agrees to pay $17.1 million in stock, cash for Linthicum firm

Internet

July 13, 2000|BY A SUN STAFF WRITER

Hoover's Inc., which collects and sells background information on companies through its Hoover's Online Web site, said yesterday that it has signed an agreement to buy Powerize.com, a Linthicum-based operator of a business research Web site, for $17.1 million in cash and stock.

Patrick Spain, chief executive officer of Hoover's, based in Austin, Texas, said the acquisition would enhance the company's position as a leading provider of research on businesses.

Powerize.com claims more than 600,000 registered members. It delivers more than 12 million advertising-supported newsletters and news "alerts" each month, Hoover's said.

By integrating Powerize.com's features into its Online Web venture, Hoover's said it would gain approximately 50 percent more advertising space to sell.

Under the agreement, Powerize.com will be consolidated within Hoover's Online this fall and operate as Hoover's subsidiary.

The subsidiary will continue to be based at Powerize.com's offices in Linthicum, and in Reston, Va. Hoover's expects to retain all 60 Powerize.com employees.

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