IAC will sell 100% of its capital stock in ReserveAmerica 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
ReserveAmerica is the leading camping reservation and campground management solutions provider in
"With the acquisition of ReserveAmerica, The Active Network has significantly strengthened its position as the technology leader in the outdoor recreation market," said
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.
"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
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.
About IAC
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/.
About ReserveAmerica
ReserveAmerica is the largest provider of campsite reservations in
Contacts IAC Investor Relations: IAC Corporate Communications: Eoin Ryan Stacy Simpson / Leslie Cafferty (212) 314-7432 (212) 314-7470 / 7326 Active: Tina Wilmott (858) 964-3813 ReserveAmerica: John McDonald (905) 286-6600 x5581
SOURCE IAC