InternetNews.com Associate Editor
The purchase is worth roughly $13.5 million in Go2Net stock. The
transaction closed on Dec. 31, 1998. Terms of the acquisition call for
Go2Net to issue about 385,000 of its common shares in exchange for all
outstanding securities of Web21, which will become a wholly owned
subsidiary of Go2Net. Web21 will retain its Palo Alto, Calif.-based
headquarters and company founder Bert Fornaciari will continue in his role
as president of Web21.
Four-year old Web21 provides a category-by-category ranking of Internet
sites. The company compiles listings based on log file analysis derived
from cache servers located at various points on the Internet. Web21’s
100hot.com rankings identify top sites in areas including technology,
entertainment, business, shopping, lifestyles games, sports and news.
Go2Net CEO Russell Horowitz said Web21’s profitable business will
complement the Go2Net Network.
“Web21 is a solid fit for Go2Net, bringing a valuable index and more than 1
million unique visitors per month to the Go2Net Network, along with
positive revenue streams from a loyal base of advertisers and business
partners,” Horowitz said.
“Go2Net will work to maintain 100hot.com’s position as the destination of
choice for Web users interested in where their peers on the Internet are
“Go2Net Network users, advertisers and partners will benefit from the
addition of Web21, while 100hot.com users will notice the increased
attention Go2Net plans to direct toward the index,” Horowitz
added. “In the months ahead, we will enhance 100hot.com and develop ways to
offer strong value and cross-promotion opportunities for current Web21 and
Go2Net advertising clients and business partners. This will also extend
across the individual sites that comprise the Go2Net Network.”
Go2Net technology and community sites featuring personal finance, commerce,
search and games. The companies properties include: Silicon Investor; StockSite; MetaCrawler; HyperMart;
WebMarket and PlaySite.
Bert Fornaciari, Web21’s founder and president, said 100hot.com and Go2Net
will be able to capitalize on “tremendous synergies.”
“Go2Net has established itself as home to many of the Internet’s premier
brands and we’re pleased to be joining the Go2Net Network.”