Source Interlink Media Acquires Majority Interest in Carazoo India
El Segundo, California (April 25, 2012)—Source Interlink Media, a division of Source Interlink Companies, Inc., announced today that it has acquired a majority interest in Carazoo, a subsidiary of Logix Americas Inc. Expanding its reach globally, this acquisition will position the Source Interlink Media brands to expand into a market where the demographics support a long term growth opportunity for the automotive sector.
Joining the ranks of Yahoo!, eBay, Wal-Mart and Edmunds.com, Carazoo was recognized by Cap Gemini as one of eight global entities that will influence the future of car retailing. The company provides dealer management software, website development and marketing services to a variety of automotive and motorcycle dealerships in India. It also operates carazoo.com, the preeminent automotive portal on “all things cars” for India reaching over 500,000 unique visitors per month.
“This acquisition is very exciting as it will provide an established platform for rapid expansion in one of the fastest growing automotive markets in the world,” noted Chris Argentieri, President, Source Interlink Media. “Increasingly, our automotive manufacturing clients are taking a global view of both their manufacturing platform development and their marketing efforts. The acquisition of Carazoo is a major step forward in executing our strategy to provide international scale and reach as a valued marketing partner to advertisers with a global presence. We know the management at Logix to be highly innovative and entrepreneurial with a global perspective, making them the ideal partners as we seek to leverage our brands and expertise overseas.”
Sanjay Soni, Director of Logix Americas, also noted “Carazoo is uniquely positioned in the Indian automotive market as both a consumer website and a platform for dealer marketing. The resources and relationships that Source Interlink Media will bring to this partnership will enable Carazoo to increase the pace of its already rapidly growing business and we look forward to expanding into several new areas of opportunity based on the combined expertise of both our companies.”