Mission, Kansas -- November 11, 2005 -- iNET Interactive today announced that it has been acquired from Aberration! Ventures by a group of private investors. Terms of the transaction were not released.
iNET Interactive was founded by Gabriel Murphy in July of 2002. Under the leadership of founder Gabriel Murphy and Ryan Elledge, the company's President and CEO, the company has grown into a significant portfolio of technology properties centered on web development, web hosting, and computer hardware. With noteworthy technology properties such as Hotscripts.com, WebHostingTalk.com, dBforums.com, and HostingCatalog.com, the portfolio generates more than 30 million page-views per month.
iNET Interactive is being acquired by Stoddard Hill Capital, a group of private investors whose members include high tech and online media executives. As part of the acquisition, Troy Augustine will succeed Ryan Elledge as President and CEO. Most recently, Mr. Augustine led the marketing efforts for Tradec, a Silicon Valley-based enterprise software company delivering hosted supply chain management and procurement solutions. Augustine holds an engineering degree from the University of Kansas and an MBA from Stanford. Mr. Elledge will move to a new role within the Aberration! Ventures portfolio.
“Aberration! Ventures decided to sell iNET Interactive in order to focus our resources on emerging opportunities in commercial real estate and web-based niche travel”, said iNET founder and Aberration! Ventures Managing Partner Gabriel Murphy. “After evaluating several exit opportunities, we decided that Stoddard Hill Capital was the right partner based on their commitment to the existing communities, a shared vision for growth and access to the capital necessary to make this vision a reality.”
“We are excited about the future of the company and, more importantly, about the new, owner's commitment to the communities and advertisers that iNET serves,” commented Ryan Elledge. “I will be working with Troy over the coming months to ensure a smooth and seamless transition.”
“Gabriel, Ryan, and their team deserve a tremendous amount of credit for their vision and their hard work to build iNET Interactive into what it is today”, said Troy Augustine, iNET's new President and CEO. “It is my intent to continue building on that vision through acquisition and through organic growth, and to do so with a customer-focused culture designed to serve our communities and advertisers.”
No immediate changes are planned to the operation of the web properties within the iNET Interactive network. The company will continue to operate under the iNET Interactive name. Mr. Murphy and Mr. Elledge will continue to be involved in a longterm consulting and advisory role.
About iNET Interactive
iNET Interactive is a leading new media technology content publisher with a portfolio of trustworthy web portals within specific vertical markets. The company operates and manages some of the most prominent web development and internet service properties on the Internet. In conjunction with targeted advertising solutions, the company provides interactive creative development and marketing consulting services. For more information, visit www.inetinteractive.com.
Stoddard Hill Capital is a private investment firm formed to acquire and operate small to middle market companies. The firm focuses on established and profitable firms with up to $50 million in revenue. For more information, visit www.stoddardhillcapital.com.