Active Network to Acquire ReserveAmerica from IAC
NEW YORK – January 23, 2009 – IAC (Nasdaq: IACI) and The Active Network, Inc. (Active), a leading provider of technology and marketing solutions for community service and participatory sports organizations, announced today that they have entered into an agreement for Active to acquire leading campground reservation provider, ReserveAmerica, from IAC.
IAC will sell 100% of its capital stock in Reserve America Holdings, Ltd. to Active in exchange for approximately 3.5 million shares of Active convertible preferred stock. Together with equity previously acquired, IAC will own approximately 9 percent of The Active Network.
"Operating under a strong management team, ReserveAmerica will now be able to better serve its passionate community in partnership with Active, a more natural fit for the business,” said Thomas McInerney, Chief Financial Officer of IAC. “While best positioning ReserveAmerica for continued success, the move also reaffirms our continued commitment to further streamline IAC and focus on our core internet brands."
ReserveAmerica is the leading camping reservation and campground management solutions provider in North America. With over 300,000 campsites, the Company manages the largest reservable campsite inventory in the region and helps more than 17 million consumers with camping reservations each year.
“With the acquisition of ReserveAmerica, The Active Network has significantly strengthened its position as the technology leader in the outdoor recreation market,” said Matt Landa, President of The Active Network. “Our breadth of technology offerings, marketing services and unparalleled customer service will greatly benefit federal, state and county government agencies and increase their ability to create the best possible experience for outdoor enthusiasts visiting North America’s multitude of county, state and national parks.”
Founded in 1984, ReserveAmerica changed the landscape of campground reservations, leading the camping industry to the internet by processing the first online reservation in 1997. Seth Rosenberg will be staying with the company in his current leadership role.
“Combining the efforts of Active’s outdoor recreation division and ReserveAmerica’s current business offerings will create tremendous long-term value for our clients and consumers,” said Seth Rosenberg, President of ReserveAmerica. “The partnership will give both Active and ReserveAmerica stronger market position and we look forward to exploring the growth opportunities that lie ahead.”
The deal is expected to close later this month.
About The Active Network, Inc.
The Active Network delivers integrated technology solutions, marketing services and online media properties that encourage and enable participation in activities and events. For more information, please visit www.ActiveNetwork.com.
IAC operates more than 35 leading and diversified Internet businesses across 40 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
ReserveAmerica is the largest provider of campsite reservations in North America facilitating over 4 million transactions per year. ReserveAmerica provides campground management tools to government and private campground operators offering clients comprehensive reservation systems including: website development, dedicated call-center services, database management tools, local campground management software, and turn-key marketing services. Contacted by 17 million consumers each year, ReserveAmerica manages the largest catalogue of reservable outdoor destinations in North America, with more than 350,000 sites within over 4,000 parks and resorts.
Tina Wilmott, The Active Network, Inc.
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