RealTime IT News

iTurf Acquiring Ontap.com

iTurf Inc., a network of Web sites focused on Generation Y, is acquiring college hub OnTap.com in a deal valued at $18 million plus and will operate it as a subsidiary.

iTurf will issue 1.6 million shares of its Class A common stock (it closed Friday at $12.625) to the selling shareholders in a tax-free exchange.

ITurf's network includes dELIAs.com, gURL.com, TSISoccer.com, contentsonline.com, discountdomain.com, droog.com, dotdotdash.com and StorybookHeirlooms.com.

iTurf itself is a subsidiary of dELiA*s Inc.

OnTap.com, formerly known as TapOnline.com, is relaunching this month with on-campus promotions, a multi-million dollar student marketing campaign and on-campus student representatives. The TapOnline site claims more than 7.2 million student visits last year.

OnTap.com offers 10 different content communities -- Entertainment, Hot Forums, V-Dorm, Career Center, Breakaways, Lifestyle, Freeform, Gaming, Sports and Technology -- each with its own editorial style driven and directed by students across the country.

OnTap.com has an exclusive alliance with MarketSource Corp., a marketing services company focused on the Generation-Y market.