New Zealand domain registrar Ideegeo (trading as iwantmyname) which manages around 180,00 domain names for 80,000 customers has been acquired by UK based CentralNic Group Plc for $5.2m.
CentralNic provides registry services, distribution and consultancy for new TLDs, ccTLDs and SLDs to more than 1,500 registrars that sell these to end users. It also provides consultancy services to companies seeking to create their own domains.
The sale was announced only hours after CentralNic closed its acquisition of Canadian domain name registrar Hexonet for €10m ($17.4m)
CentralNic said Ideegeo was one of the largest customers of Hexonet. “The Acquisition is therefore expected to deliver operational cost savings through vertical integration as well as permanently locking in an important revenue stream for CentralNic.”
It added: “As Ideegeo currently only sells domain names, CentralNic believes that there are cross selling opportunities to provide Ideegeo's 80,000 customers with CentralNic's extended product offering, including hosting, SSL certificates and other additional subscription products and services.”
According to CentralNic, for the financial year ended 31 March 2019, Ideegeo's revenues were $6.2m and EBITDA (adjusted for costs of shareholders leaving the business) $0.9m.
iwantmyname co-founders and owners Paul Spence, Lenz Gschwendtner and Timo Reitnauer have been seeking potential buyers since late 2018. According to Reitnauer CentralNic’s offer was assessed as being best for the team and for customers.
Gschwendtner said: “We believe CentralNic were impressed with our team and their knowledge to improve their retail products, a stable recurring revenue stream and the company’s growth opportunities.”
Reitnauer said it would be business as usual for existing customers, “but with the support and resources of CentralNic, the fastest-growing company in the industry, behind it.”
CentralNic CEO Ben Crawford said: "The acquisition of Ideegeo adds more to CentralNic's retail group than additional earnings, customers and synergies. Its leading user interface and customer engagement solutions, and the team that created them, represent a further differentiator for CentralNic's global retail business from the competition to support our organic growth."
iwantmyname has a team of 11 people spread across New Zealand, Canada, USA, Germany and Sweden. The founders say the staff will keep their jobs and find more career opportunities within CentralNic Group
Reitnauer will stay on as a product manager in the retail team planning and overseeing customer engagement strategy and execution.