GeoCities Acquires WebRing
Page 1 of 1
GeoCities paid $2 million in cash plus 775,000 shares of stock in exchange for all outstanding shares and options of Starseed.
Starseed also maintains the free Web service WebRing, which has 66,000 separate rings and more than 900,000 members. WebRing will remain a free service with its own identity and will retain its current management.
GeoCities said Web Ring complements its strategy of promoting membership, visitation and commerce.
Charley Lanusse, president and chief executive officer of Starseed, said the combination will create a momentum that will benefit members of both Web communities.
"Our proprietary technology, knowledge base and membership are highly complementary. Additionally, we are a small, tight-knit company with a family-like atmosphere that we hope to preserve. We have been impressed with the GeoCities' management's sensitivity to our employees and culture and believe our employees and ring members will benefit from GeoCities' infrastructure," he said.