PLAZA WATCH! Dot-Com Champ Buys for $5 M.
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Internet advertising wunderkind Scott Ferber has shelled out a little over $5 million for a condo at the Plaza, city records show. Mr. Ferber sent shockwaves through the technology industry when he sold his cash-strapped Maryland-based firm Advertising.com to AOL Time Warner for $435 million in "one of the most successful exits in the on-line advertising market."
Advertising.com was NOT cash-strapped when it was acquired... They had roughly 60 million in cash and receivables in the bank...
"They had roughly 60 million in cash and receivables in the bank..."
That's true. And the acquisition price was really closer to $495 mil when you factor in the cash (which effectively was retained by the company's shareholders int he terms of the buyout).
Let's see, they had $60M in the bank, were running at $200+M annual revenue, had the best margins in the industry. Yea they were "cash strapped".... Come on, get your reporting right.
You can argue they sold too early. If they had held out to today AdCom would be worth more than GOOG's $3B offer for Double Click.
Let's see, they had $60M in the bank, were running at $200+M annual revenue, had the best margins in the industry. Yea they were "cash strapped".... Come on, get your reporting right.
You can argue they sold too early. If they had held out to today AdCom would be worth more than GOOG's $3B offer for Double Click.