Web portal Lycos Inc. Wednesday purchased financial site Quote.com Inc. for $78.3 million in cash.
The deal calls for Lycos (LCOS) to acquire all of Quote.com’s outstanding stock, in exchange for approximately $78.3 million. Quote.com will be integrated into Lycos’ network, adding financial tools and information to the portal. The deal is expected to close by the end of the year.
“This acquisition dramatically enhances our financial information offering, a key market segment we will focus on as we continue to grow the Lycos Network,” said Bob Davis, president and CEO of Lycos. “By adding Quote.com, we are advancing our strategy of aggregating the best of content, commerce and community to create a compelling consumer environment.”
Quote.com offers both free and subscription services, including stock prices and charts, customized portfolios, trading and analysis. Under terms of the agreement, it will continue to operate from Mountain View, Calif. as a business unit of Lycos.
“The Lycos Network draws a large and diverse audience that complements our current customer profile,” said Robert Honeycutt, president and CEO of Quote.com.
“Our unique Quote.com branded services bring category leadership in investment information to Lycos, enriching the Lycos experience for its visitors.”