Bangalore-based software development company Logix Microsystems has acquired a US based B2C automotive portal CarSite.com for an undisclosed amount. Logix has made the acquisition through its US venture izmocars, which is a leading web solutions provider for automotive dealers and portals including Yahoo! Autos and Autonation, Inc. It was was an all cash deal. CarSite was owned by PowerOne Media.
The San Francisco-based izmocars group has formed a new company to focus on this segment of business called, izmoMedia. A statement said: “The acquisition is a strategic investment for izmocars. It adds an experienced team, customer base and technology platform on which to build their media business.”
“We are pleased to announce this acquisition as it will accelerate our expansion into the online media business,” said Tej Soni, CEO of izmocars. [Release here]
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