Atex, which provides software systems to media firms, has purchased a majority stake in classifieds site Kaango. Atex is buying the stake from MediaNews and Hearst Corp., which paid $20 million for 80 percent of Kaango in November 2007. Both companies will retain a minority stake in Kaango, which powers classifieds for more than 200 publishers in the U.S.
Atex’s offerings include content management and advertising systems for publishers and the company says it will integrate Kaango’s technology with those products, in order to give “media companies a complete advertising solution that makes it easier to monetise content and compete against other news aggregators.” It also says that it will expand Kaango, which currently only exists in the U.S., worldwide.
The deal was first reported late last evening by AIM Group in a member’s only report. Financial terms were not released.
Here’s the release:
Kaango, the leading web classifieds software platform in the United States, has joined the Atex global family of companies. As part of a deal that keeps Hearst Corporation and MediaNews Group as shareholders, Atex plans to expand Kaango worldwide, while bolstering the software platform