AdLINK has purchased the remaining 24% of Sedo and promoted its managing director.
Sedo parent company AdLINK Group has purchased the outstanding 24.06% of Sedo shares owned by its founders. AdLINK will purchase the shares for 5.5M EUR in cash plus 4.25 million shares of AdLINK. At today’s exchange rates and stock price, and assuming no restrictions on the stock, that values Sedo at about $130 million.
Sedo Managing Director Tim Schumacher has also been named as the new CEO of AdLINK. AdLINK will also be changing its name, to be finalized in 2010.
AdLINK group had sales of 102.1M EUR in the first half of 2009, a 10.3% drop compared to the same period in 2008. Its earnings fell to 1.4M EUR, a 72% drop from 2008.
Sales in the Sedo division dropped 23.4% year-over-year to 22.6M EUR. Due to a “quality and efficiency” process, the number of domains available on Sedo also dropped in the first half of the year. However, the number of registered users jumped to 894,000.