RealTime IT News

Excite@Home, XL Ventures Join in IQ2.net Acquisition

Naviant Technology Solutions, a Customer Relationship Management (CRM) consulting and services provider, said that Excite@Home and XL Ventures have joined 24/7 Media as strategic investors in its $46.5 million acquisition of IQ2.net.

XL Ventures is the venture capital subsidiary of Big Flower Holdings Inc. Specifics of the investment were not disclosed.

In addition to these three strategic investors, six other venture capital companies have made financial investments in the deal, Naviant said.

Formerly an IntelliQuest company, IQ2.net is a provider of online registrations and direct marketing lists and services to Internet, high tech, and other companies wishing to reach Web consumers.

"Since our announcement of the acquisition plans in late July, it has become even more evident that the e-commerce community is in search of a solution combining online data with off-line demographics for strategic direct marketing," said Charles Stryker, former president of IQ2.net and the new CEO and president of Naviant.

"The strategic backing of Internet giant, Excite@Home; Internet advertising network company, 24/7 Media; and leading advertising and marketing expert, Big Flower, solidifies the value that Naviant will bring to the online advertising community."

Jim Flynn, former president and CEO of Naviant Technology Solutions, will become senior vice president of operations.

"Naviant is a strong distribution partner for Excite@Home, and we expect significant Excite registrations from this deal because of Naviant's leadership in Web-based registration," said Mark Stevens, executive vice-president, corporate and business affairs, Excite@Home.

Naviant offers a suite of services, including marketing and business process consulting, program management, technology implementation, training, and support. IQ2.net is also an outsourcing provider of electronic registration services.