ValueClick, provider of media, technology and services, today announced that it has agreed to acquire Pricerunner AB, a comparison shopping services site in Europe.
Pricerunner will increase ValueClick's ability to participate in the expected growth in Europe's online retail sales, which Forrester Research forecasts will grow from 40 billion Euros in 2004 to 167 billion Euros in 2009 - an annual growth rate of 33 percent.
Under the terms of the agreement, ValueClick will acquire all outstanding equity interests in Pricerunner for an adjusted purchase price of approximately $29.0 million, including cash and approximately 263,000 shares of ValueClick common stock to be issued to three management shareholders of Pricerunner.
"We have been looking to add comparison shopping services as part of our strategic growth plan, and in Pricerunner we have found an established partner that will help us take our first step in this rapidly-growing and profitable area of performance-based online marketing," said James Zarley, chairman and chief executive officer of ValueClick. "Comparison shopping is a strategic fit with our media, affiliate marketing and search offerings, and we look forward to working with Pricerunner and helping them expand their presence in Europe."
Jeremy Muncy is a staff writer for WebProNews.com
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