Autobytel Announces Acquisition Of AutoWeb
Autobytel announced their acquisition of AutoWeb today in an all-stock transaction. Before the deal, Autobytel owned 15 percent of the outstanding capital stock of AutoWeb. Jeff Coats, President of Autobytel, is enthusiastic about the acquisition. The addition of AutoWeb should dramatically strengthen our position as a technology leader in the online automotive industry,” Coats said in a statement. “AutoWeb’s proprietary platform, combined with our cutting-edge analytics and consumer acquisition strategies, will provide even more effective and valuable product offerings. These enhanced offerings will help dealers and OEMs better leverage their investments in website properties, especially as dealers increasingly shift advertising budgets from print to digital.”
As part of the deal AutoWeb CEO, MatÃas de Tezanos, as well as company president José Vargas and Robert Mylod, the AutoWeb director, are all being appointed to the board of directors at Autobytel. MatÃas feels the two organizations will work powerfully together. “The AutoWeb team is very excited to join a prominent leader and pioneer in the online auto industry. We look forward to providing our technical expertise and advanced methodologies to Autobytel’s broad suite of products, while further building on the success of our revolutionary pay-per-click platform,” MatÃas said in a statement.
Autobytel increased its revenue guidance range to $132 to $134 million, which would be an increase of 24 to 26 percent over 2014. Autobytel is expecting total revenue for the third quarter of 2015 to hit $39 million, a 43 percent increase year-over-year. AutoWeb joins GoMoto, SaleMove and TextShield as other dealership-focused organizations owned by Autobytel.
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