Kowabunga!, rebranded a few months ago from Think Partnership, is divesting itself of Cherish (dating), MarketSmart (offline) and iLeadMedia (lead gen):
Kowabunga! to Divest Several Non-Core Business Units: “The Company intends to focus its efforts on its Network and other interactive businesses which have potential for enhanced growth. The business units that are no longer considered critical to its long term strategy and identified for divestiture are: (1) Cherish Inc., which provides online personals services; (2) MarketSmart Advertising Inc., which provides traditional offline advertising services; and (3) iLead Media, LLC, which provides online lead generation and digital marketing services. Proceeds from the sales will be used to reduce indebtedness and to fund the expected continued growth of the Network segment. “
The company’s stock price has been on the slide since a high of around $6 in 2004 and around $3.50 in 2007.
Kowabunga! has a soft spot in many people’s hearts in the industry (I was a consultant there for a few months) as we remember the “good old days” so hopefully the ship will turn around with this divestment.