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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