Jacksonville, Fla. — Web.com, a provider of internet services and online marketing solutions for small and medium-sized businesses, announced today that they have acquired Network Solutions, a provider of global domain name registration and website design.
The company was purchased for $405 million in cash along with 18 million shares of Web.com common stock. Web.com’s statement regarding the acquisition valued the deal at over $550 million on Wednesday.
Network Solutions’ definitive agreement with the company is expected to help build Web.com into a nationally recognized provider of online marketing solutions for its target user base while accelerating the company’s growth potential.
“The acquisition of Network Solutions immediately delivers enormous scale to Web.com and better enables us to capitalize on the significant shift from traditional marketing channels to online marketing as mass adoption by SMBs continues,” said David Brown, CEO and chairman of Web.com. “Our combined organization will have far greater resources to market our end-to-end suite of solutions, in addition to using the power of a national brand for the first time in our history.”
Network Solutions was the original domain name registry where users could buy domain names such as .com, .org and .net until ICANN formed in 1998.
http://tinyurl.com/4x3rava (Web.com Press Release)