KeyDrive acquires Moniker and SnapNames
Oversee.net sells off domain marketplace, expiring domain, and registrar companies.
[Update: read this follow up story to understand what this means for customers.]
KeyDrive, which owns domain name registrar Key-Systems as well as NameDrive, has acquired SnapNames and Moniker from Oversee.net.
Combined, KeyDrive says it is now the sixth largest ICANN accredited registrar.
Rumors about the acquisition have been swirling around DOMAINfest this week. KeyDrive has now updated its web site to confirm the acquisition.
Both SnapNames and Moniker were challenging acquisitions for Oversee.net. SnapNames lost its most important domain registrar, Network Solutions, shortly after the acquisition in 2007. It then dealt with the so-called “halvarez” scandal where a SnapNames employee was found shill bidding in auctions.
Moniker was also a challenge, primarily because it was purchased at the peak in early 2008. Oversee.net paid about $24 million for the domain registrar. Although the sale price hasn’t been disclosed, you can bet it took a sizable loss on the sale.