NursingJobs.org - Strategic Sale

THE TRANSACTION:

NursingJobs.org (Nursing Jobs) has been acquired by publicly-held Internet Brands, Inc. (Nasdaq: INET), a leading Internet media company that owns and operates e-commerce and community-based websites across a variety of industries.

THE COMPANY:

Formerly headquartered in Atlanta, Georgia, Nursing Jobs is the pre-eminent online nursing employment destination, serving over 100,000 unique visitors each month.  The site produces several revenue streams, including referral-based CPA (Cost per Action) and CPC (Cost per Click) revenue, direct CPM (Cost per Thousand Page Impressions) advertising revenue, and subscription revenues tied to job postings and resume databank access.

DESCRIPTION OF TRANSACTION:

Nursing Jobs’ co-founders, Shane Pike and Greg Glaze, had an existing relationship with Founders through a previous consulting project in the digital media space.  When they received an unsolicited offer for the Nursing Jobs site, they engaged Founders to help them solidify and strengthen the offer.  The team at Founders crafted a two-pronged strategy that included i) assuming direct contact with the party that presented the unsolicited offer, and ii) approaching a select group of additional strategic investors in the broader capital markets that would have particular interest in Nursing Jobs.  Over the course of the transaction, the owners experienced a significant strengthening of the initial offer as additional interest poured in for the site from the newly-introduced parties.  Ultimately, Founders produced multiple competitive offers, and the ownership team moved forward with an offer from Internet Brands (a different party than the one that presented the original offer).  After a closing period of less than 10 days, the deal was consummated at a sizable premium to the original unsolicited offer.