TechTarget Announces Acquisition of KnowledgeStorm for $58 Million
TechTarget, a Needham, Mass.-based business-to-business publisher of IT titles and online media, announced this week that it has acquired online search resource KnowledgeStorm Inc. for approximately $58 million. KnowledgeStorm, which should be fully integrated within TechTarget by the close of the second quarter of 2008, generates qualified leads for IT vendors.
“The acquisition of KnowledgeStorm further strengthens our leadership position and significantly increases our scale, customer penetration and value for advertisers,” says Greg Strakosch, chairman and CEO of TechTarget. “Our preliminary internal projections are that KnowledgeStorm will contribute revenues of $12-$14 million and adjusted EBITDA of $4.5-$5.5 million during the first 12 months post-integration.
TechTarget also reported its third quarter results this week, posting revenue increases of 15 percent to $23.3 million compared to $20.3 million for the comparable year prior. Online revenues represented 63 percent of total revenues.