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Webfirm sells search ad system for $1.1m

Webfirm sells search ad system for $1.1m

Internet technology and marketing company Webfirm Group (ASX:WFM) has sold subsidiary Searchworld's AdFeedEngine for US$1 million ($1.1 million).

The company has sold the search advertising and syndication system to AdOn Network, a subsidiary of the Arizona-based PV Media Group.

Under the terms of the deal, AdOn will pay Webfirm an upfront cash payment, as well as earn-out payments over the next two years. The assets will be transferred once the total consideration reaches US$1 million.

The Searchworld brand will now be folded into the Webfirm division, and concentrate on search engine optimisation (SEO), paid search and social marketing.

WFM shares are today trading unchanged at $0.180.

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Tags WebfirmInternet advertisingASX:WFM

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