Active Network to Buy ReserveAmerica
The Active Network Inc., a leading provider of technology and marketing solutions for community service and participatory sports organizations, has agreed to acquire ReserveAmerica from Interactivecorp (IAC) for an undisclosed price.
IAC will sell 100% of its capital stock in ReserveAmerica Holdings Ltd. to San Diego-based The Active Network in exchange for approximately 3.5 million shares of Active convertible preferred stock, according to a joint annoucement today (Jan. 23). Together with equity previously acquired, IAC will own approximately 9% of The Active Network.
The deal is expected to close later this month.
"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, CFO 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, headquartered in Toronto, Ontario, is the leading camping reservation and campground management solutions provider in North America.
"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."
About the Participants
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.
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.
The Active Network delivers integrated technology solutions, marketing services and online media properties that encourage and enable participation in activities and events.
The company has made a number of acquisitions in the outdoor recreation market in the last two years including the purchase of campground reservation provider InfoSherix, the other large player in this market, and most recently, three hunting and fishing licensing technology providers – ALS, Central Trust Bank of Missouri’s Conservation Licensing Division and its wholly-owned subsidiary Outdoor Central Inc. With this deal, Active now has campground reservation and hunting and fishing license contracts with 35 states and offers a wide range of outdoor recreation software products and marketing services in the U.S.
In 2007, The Active Network’s revenues were over $102 million.
In August 2008, Active closed an $80 million round of funding. ESPN was the lead investor.
IAC, a publicly held company headquartered in New York City, whose stock is traded on the Nasdaq exchange, operates more than 35 leading and diversified Internet businesses across 40 countries.