RealTime IT News

Excite Acquires Classifieds2000

Excite Inc. said it acquired Classifieds2000, a Web classified advertising company, in a stock swap transaction valued at $48 million.

The deal involves the exchange of 890,000 shares of Excite common stock for all outstanding shares of Classifieds2000.

Excite said the acquisition is further evidence of its expansion into the online classifieds and person-to-person Web-based commerce markets.

In a diversification play in January, Excite acquired online advertising firm Match Logic for $89 million.