Resource Nation Acquires Business.com
Combined company will focus on furthering its position as the leader in B2B performance marketing
JMI Equity provides funding in support of transaction and Company's ongoing growth
SAN DIEGO, Feb. 16, 2011 /PRNewswire/ -- Resource Nation, the quality leader in connecting businesses to pre-screened vendors, announced today that it has acquired the brand and associated assets of Business.com, Inc., the leading online destination for business buyers looking for business-to-business (B2B) solutions. JMI Equity, a growth equity firm that specializes in investments in internet companies, provided funding in support of the transaction and the Company's ongoing growth. Resource Nation Chief Executive Officer Ryan Peddycord will continue to lead the Company with a combination of Business.com and Resource Nation management teams. Terms of the transactions were not disclosed.
"We are excited about this transaction and believe the combination of Resource Nation and Business.com will allow us to offer opportunities for our customers to reach a larger number of B2B purchasers at multiple stages in the purchasing process," said Mr. Peddycord. "We are committed to providing the most comprehensive service and product offering available in our space. With the acquisition of Business.com, Resource Nation's audience will have the ability to utilize the site as a one-stop destination for all the information and resources they need when making a purchase."
As one of the fastest growing B2B lead generation companies, Resource Nation's customers range from small and medium-sized businesses (SMBs) to Fortune 500 companies. The combination with Business.com will enable Resource Nation to provide a broader offering to its more than 10,000 B2B advertising customers. Business purchasers will have the ability to obtain price quotes using Resource Nation's core services, and do-it-yourself purchasers will be able to access Business.com's directory to find vendors that make sense for their business. Business.com will be fully integrated into Resource Nation, but will continue to operate under its distinct brand name.
As part of the transaction, JMI Equity General Partner Peter Arrowsmith and Vice President David Greenberg have joined Resource Nation's Board of Directors. "JMI Equity is a sophisticated investor with strong expertise in our industry and helping companies similar to ours grow," continued Mr. Peddycord. "We are deeply impressed with their understanding of our business and its growth drivers. With JMI Equity as our partner, I am confident we have the strategic and financial support to execute our strategy for the benefit of our employees, customers and service partners."
As part of the transaction, Resource Nation will retain a number of current and former Business.com sales and account managers as well as other key employees. The company will remain headquartered in San Diego, with offices in Santa Monica and Boston.
About Resource Nation, Inc.
From local proprietors to Fortune 500 companies, Resource Nation connects businesses actively looking to make a purchase to pre-screened vendors. Business.com allows purchasers to find and connect with vendors across thousands of products and services. Combined, the companies have more than 10,000 customers and support more than 100 million purchasers to find vendors to help grow their businesses. For more information about Resource Nation, visit www.resourcenation.com. For more information about Business.com, visit www.business.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software, internet, business services and healthcare IT companies. Founded in 1992, JMI Equity has invested in more than 100 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI Equity provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, iContact, Eloqua, Internet Brands, Undertone and Service-now.com. For more information on JMI Equity, visit www.jmiequity.com.
SOURCE Resource Nation