Jump to content

InfoSpace: Difference between revisions

Edit links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Update broken link to FY2011 revenue with FY2017 revenue
Clean-up; adding refs
Line 1: Line 1:
{{COI|date=October 2012}}
{{COI|date=October 2012}}
{{refimprove|date=November 2015}}
{{Use mdy dates|date=May 2012}}
{{Use mdy dates|date=May 2012}}
{{Infobox dot-com company
{{Infobox dot-com company
| name = Blucora, Inc.
| name = Blucora, Inc.
| logo = Blucora logo.svg
| logo = Blucora logo.svg
| company_type = [[Public company|Public]]
| company_type = [[Public company|Public]]
| traded_as = {{NASDAQ|BCOR}}<br>[[S&P 600|S&P 600 Component]]
| traded_as = {{NASDAQ|BCOR}}<br>[[S&P 600|S&P 600 Component]]
| foundation = {{start date and age|1996|3}} (as Infospace, Inc.)
| foundation = {{start date and age|1996|3}} (as Infospace, Inc.)
| founder = Punam Agrawal, Glenn Byrd, Jean-Remy Facq, Anu Jain, Naveen Jain, Sanjay Kohli, Kevin Marcus, Charles Mathieu, Chris Matty, Richard Openheimer
| founder = {{hlist|Punam Agrawal|Glenn Byrd|Jean-Remy Facq|Anu Jain|[[Naveen Jain]]|Sanjay Kohli|Kevin Marcus|Charles Mathieu|Chris Matty|Richard Openheimer}}
| location_city = [[Bellevue, Washington]]
| location_city = [[Irving, Texas|Irving]], [[Texas]]
| location_country = USA
| location_country = U.S.
| key_people = John S. Clendening (President and CEO)
| key_people = John S. Clendening (President and CEO)
| services = [[Metasearch engine|Metasearch]] and [[private-label]] [[web search engine|Internet search]] [[tax preparation service]]s
| services = [[Metasearch engine|Metasearch]] and [[private-label]] [[web search engine|Internet search]] [[tax preparation service]]s
| revenue = $509.6 million for FY2017<ref name=Revenue>{{cite web|title=Blucora Revenue |url=https://numhub.co/stats/blucora-inc-cjo8kve870lin0111v4ns3eoq/revenue-cjo13zbco024h0182i1k023ve |publisher=NumHub |accessdate=November 8, 2018 }}</ref>
| revenue = $509.6 million for FY2017<ref name="report2017">{{cite web|url=http://www.blucora.com/news-releases/news-release-details/blucora-reports-fourth-quarter-and-full-year-2017-results |title=Blucora Reports Fourth Quarter and Full Year 2017 Results |date=February 15, 2018 |publisher=Blucora |accessdate=November 4, 2018}}</ref>
| url = {{url|blucora.com}}
| subsid = HD Vest<br />[[TaxAct]]
|subsid = [[TaxAct]]<br>[[HD Vest]]
| website = {{url|blucora.com}}
}}
}}


Line 25: Line 24:


==History==
==History==
The company was founded as Infospace in March 1996 by [[Naveen Jain]] after he left [[Microsoft]]. He served as CEO until 2000. The company, which started with six employees.<ref name="seattletimes"/> InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers.<ref name="inc">{{cite news|title=Options, Equity, Rancor|first=Edward|last=Welles|url=http://www.inc.com/magazine/20010701/22958.html|newspaper=Inc. Magazine|accessdate=March 25, 2015|date=July 1, 2001}}</ref> The company grew at low cost without funding using co-branding strategies. Rather than try to get traffic to an InfoSpace website, sites like [[Lycos]], [[Excite]] and [[Playboy]] embedded Infospace's features and content into their site and added an InfoSpace icon to it. InfoSpace then earned money by taking a small percentage of licensing, subscription or advertising fees.<ref name="redherring">{{cite web|url=http://www.redherring.com/mag/issue44/jain.html|archiveurl=https://web.archive.org/web/20020219205103/http://www.redherring.com/mag/issue44/jain.html|archivedate=2002-02-19|title=Smarter than Bill|publisher=[[Red Herring (magazine)|Red Herring]]|date=June 30, 1997|accessdate=June 7, 2011}}</ref>
The company was founded as Infospace in March 1996 by [[Naveen Jain]] after he left [[Microsoft]]. He served as CEO until 2000. The company, which started with six employees.<ref name="seattletimes"/> InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers.<ref name="inc">{{cite news|title=Options, Equity, Rancor|first=Edward|last=Welles|url=http://www.inc.com/magazine/20010701/22958.html|newspaper=Inc. Magazine|accessdate=March 25, 2015|date=July 1, 2001}}</ref> The company grew at low cost without funding using co-branding strategies. Rather than try to get traffic to an InfoSpace website, sites like [[Lycos]], [[Excite]] and [[Playboy]] embedded Infospace's features and content into their site and added an InfoSpace icon to it. InfoSpace then earned money by taking a small percentage of licensing, subscription or advertising fees.<ref name="redherring">{{cite web|url=http://www.redherring.com/mag/issue44/jain.html|archiveurl=https://web.archive.org/web/20020219205103/http://www.redherring.com/mag/issue44/jain.html|archivedate=2002-02-19|title=Smarter than Bill|publisher=[[Red Herring (magazine)|Red Herring]]|date=June 30, 1997|accessdate=June 7, 2011}}</ref> On December 15, 1998, InfoSpace [[Initial Public Offering|went public]], raising $75 million in the offering.<ref>[https://archive.is/20120919055524/http://www.wired.com/news/business/0,16842-0.html A Fine IPO for InfoSpace] from ''[[Wired (magazine)|Wired]]''</ref>


⚫
By April 2000, InfoSpace was working with 1,500 websites, 60 content providers and 20 telecommunications companies.<ref name="inc"/> InfoSpace was praised by Wall Street analysts and at its peak its market cap was $31 billion. It became the largest internet business in the American Northwest.<ref name="SeattleTimes1">{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html|title=Dot-con Job: Part 1: Dubious Deals|publisher=The Seattle Times|date=March 8, 2005|accessdate=June 7, 2011|first1=David|last1=Heath}}</ref> InfoSpace may have contributed to the inflated expectations in internet companies during the height of the [[dot-com bubble]].<ref name=SeattleTimes1/><ref name="inc"/> In July 2000, InfoSpace acquired Go2Net. After the merger, Go2Net CEO Russell Horowitz became president of Infospace.<ref>[http://news.cnet.com/2100-1023-243697.html InfoSpace to buy Go2Net to expand content delivery]</ref> The same year, InfoSpace used a controversial accounting method to report $46 million in profits when in fact it had lost $282 million. Company executives skirted [[U.S. Securities and Exchange Commission|SEC]] trading restrictions to sell large blocks of their personal stock.<ref>{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2002199042_dotcon2main07.html |title=Dot-Con Job&nbsp;— Part 2: Cashing Out&nbsp;— When times got tough, execs hid troubles, dumped stock |accessdate=September 13, 2013 |publisher=The Seattle Times | first1=David | last1=Heath | date=March 7, 2005}}</ref>
InfoSpace [[Initial Public Offering|went public]] on December 15, 1998. The company raised $75 million in the offering.<ref>[https://archive.is/20120919055524/http://www.wired.com/news/business/0,16842-0.html A Fine IPO for InfoSpace] from ''[[Wired (magazine)|Wired]]''</ref>


⚫
Jain resumed the role of CEO in 2001,<ref name="INFOSPACE-INC-Jan-2001-8-K">{{cite web|url=http://pdf.secdatabase.com/2235/0001032210-01-000078.pdf |title=INFOSPACE INC, Form 8-K, Current Report, Filing Date Jan 23, 2001 |publisher=secdatabase.com |accessdate =May 15, 2018}}</ref> but was forced out by InfoSpace's board as chairman and CEO in December 2002.<ref name="PSBJ Ties">{{cite web|url=http://www.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|publisher=[[Puget Sound Business Journal]]|date=April 28, 2003|accessdate=June 7, 2011}}</ref> By June 2002, the company's stock price, which reached $1,305 in March 2000,<ref>[http://seattletimes.nwsource.com/art/news/business/infospace/infospaceTimelineDay1_2_intro.swf The two faces of InfoSpace, 1998–2001]</ref> had dropped to $2.67.<ref name=seattletimes>{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html |title=Dot-Con Job&nbsp;— Part 1: Dubious Deals&nbsp;— How InfoSpace took its investors for a ride: Business & Technology: The Seattle Times |accessdate=September 13, 2013 | first1=David | last1=Heath | date=March 6, 2005}}</ref>
⚫
By April 2000, InfoSpace was working with 1,500 websites, 60 content providers and 20 telecommunications companies.<ref name="inc"/> InfoSpace was praised by Wall Street analysts and at its peak its market cap was $31 billion. It became the largest internet business in the American Northwest.<ref name="SeattleTimes1">{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html|title=Dot-con Job: Part 1: Dubious Deals|publisher=The Seattle Times|date=March 8, 2005|accessdate=June 7, 2011|first1=David|last1=Heath}}</ref> InfoSpace may have contributed to the inflated expectations in internet companies during the height of the [[dot-com bubble]].<ref name=SeattleTimes1/><ref name="inc"/>


⚫
On August 1, 2013, Blucora bought [[Monoprice]] in an all-cash transaction.<ref>{{cite news|last=Miller|first=Ben|title=Blucora buying Monoprice for $180M|url=http://www.bizjournals.com/seattle/blog/techflash/2013/08/blucora-buying-monoprice-for-180m.html|accessdate=December 21, 2013|newspaper=Puget Sound Business Journal|date=August 1, 2013}}</ref> On April 21, 2014, Discovery Communications announced that they had sold [[HowStuffWorks]] to Blucora for $45 million.<ref>{{cite news | url=https://www.bloomberg.com/news/2014-04-21/discovery-sells-howstuffworks-at-82-loss-after-seven-years.html | title=Discovery Sells HowStuffWorks at 82% Loss After Seven Years | work=Bloomberg | date=April 21, 2014 | accessdate=April 22, 2014}}</ref>
In July 2000, InfoSpace acquired Go2Net. After the merger, Go2Net CEO Russell Horowitz became president of Infospace.<ref>[http://news.cnet.com/2100-1023-243697.html InfoSpace to buy Go2Net to expand content delivery]</ref>

Also, in 2000, InfoSpace used a controversial accounting method to report $46 million in profits when in fact it had lost $282 million. Company executives skirted [[U.S. Securities and Exchange Commission|SEC]] trading restrictions to sell large blocks of their personal stock.<ref>{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2002199042_dotcon2main07.html |title=Dot-Con Job&nbsp;— Part 2: Cashing Out&nbsp;— When times got tough, execs hid troubles, dumped stock |accessdate=September 13, 2013 |publisher=The Seattle Times | first1=David | last1=Heath | date=March 7, 2005}}</ref>

⚫
Jain resumed the role of CEO in 2001,<ref name="INFOSPACE-INC-Jan-2001-8-K">{{cite web|url=http://pdf.secdatabase.com/2235/0001032210-01-000078.pdf |title=INFOSPACE INC, Form 8-K, Current Report, Filing Date Jan 23, 2001 |publisher=secdatabase.com |accessdate =May 15, 2018}}</ref> but was forced out by InfoSpace's board as chairman and CEO in December 2002.<ref name="PSBJ Ties">{{cite web|url=http://www.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|publisher=[[Puget Sound Business Journal]]|date=April 28, 2003|accessdate=June 7, 2011}}</ref>

By June 2002, the company's stock price, which reached $1,305 in March 2000,<ref>[http://seattletimes.nwsource.com/art/news/business/infospace/infospaceTimelineDay1_2_intro.swf The two faces of InfoSpace, 1998–2001]</ref> had dropped to $2.67.<ref name=seattletimes>{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html |title=Dot-Con Job&nbsp;— Part 1: Dubious Deals&nbsp;— How InfoSpace took its investors for a ride: Business & Technology: The Seattle Times |accessdate=September 13, 2013 | first1=David | last1=Heath | date=March 6, 2005}}</ref>

On August 1, 2013, Blucora bought [[Monoprice]] in an all-cash transaction.<ref>{{cite news|last=Miller|first=Ben|title=Blucora buying Monoprice for $180M|url=http://www.bizjournals.com/seattle/blog/techflash/2013/08/blucora-buying-monoprice-for-180m.html|accessdate=December 21, 2013|newspaper=Puget Sound Business Journal|date=August 1, 2013}}</ref>

⚫
On April 21, 2014, Discovery Communications announced that they had sold HowStuffWorks to Blucora for $45 million.<ref>{{cite news | url=https://www.bloomberg.com/news/2014-04-21/discovery-sells-howstuffworks-at-82-loss-after-seven-years.html | title=Discovery Sells HowStuffWorks at 82% Loss After Seven Years | work=Bloomberg | date=April 21, 2014 | accessdate=April 22, 2014}}</ref>

June 2, 2014, Blucora completes the purchase of [[HowStuffWorks]].


In July 2016, Blucora announced the sale of its Infospace business, including HowStuffWorks, to OpenMail for $45 million in cash. As part of the deal, CEO Bill Ruckelshaus was replaced by John Clendening.<ref>{{cite news | url=http://www.seattletimes.com/business/technology/blucora-to-sell-infospace-business-for-45-million/ |title=Blucora to sell InfoSpace business for $45 million | work=Seattle Times | date=July 5, 2016}}</ref> On November 15, 2016, Blucora said it would move its headquarters from Bellevue, Washington, to Irving, Texas. At the same time, the company announced the sale of Monoprice, its online electronics retail business, to Taiwan-based electronics company YFC-BonEagle for $40 million.<ref>{{cite news | url=http://www.seattletimes.com/business/technology/blucora-to-sell-monoprice-for-40-million/ | title=Blucora moving headquarters to Texas, selling Monoprice for $40 million | work=Seattle Times | date=November 15, 2016}}</ref>
In July 2016, Blucora announced the sale of its Infospace business, including HowStuffWorks, to OpenMail for $45 million in cash. As part of the deal, CEO Bill Ruckelshaus was replaced by John Clendening.<ref>{{cite news | url=http://www.seattletimes.com/business/technology/blucora-to-sell-infospace-business-for-45-million/ |title=Blucora to sell InfoSpace business for $45 million | work=Seattle Times | date=July 5, 2016}}</ref> On November 15, 2016, Blucora said it would move its headquarters from Bellevue, Washington, to Irving, Texas. At the same time, the company announced the sale of Monoprice, its online electronics retail business, to Taiwan-based electronics company YFC-BonEagle for $40 million.<ref>{{cite news | url=http://www.seattletimes.com/business/technology/blucora-to-sell-monoprice-for-40-million/ | title=Blucora moving headquarters to Texas, selling Monoprice for $40 million | work=Seattle Times | date=November 15, 2016}}</ref>
Line 50: Line 37:
In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that former InfoSpace CEO, Naveen Jain, had purchased shares of Infospace in violation of six month [[short swing]] [[insider trading]] rules, and issued a $247 million judgment against him, the largest award of its kind at that time.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|last=Heath|first=David|date=August 23, 2003|publisher=Seattle Times|accessdate=February 24, 2010}}</ref> While on appeal in 2005, Jain settled the case for $105 million, while denying liability. Jain's attempt in further litigation against his former lawyers for the loss was dismissed.<ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; ''Dot-con Job: Part 3: The Aftermath – Unusual ally: SEC'', ''[[The Seattle Times]]'', 2005.</ref><ref name="SeattleTimes5">''[http://seattletimes.nwsource.com/html/politics/2008831296_apscotusinfospace.html Court turns down appeal from Infospace founder,] {{webarchive |url=https://web.archive.org/web/20110622053354/http://seattletimes.nwsource.com/html/politics/2008831296_apscotusinfospace.html |date=June 22, 2011 }}'' The Seattle Times, March 9, 2009.</ref><ref>https://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm</ref>
In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that former InfoSpace CEO, Naveen Jain, had purchased shares of Infospace in violation of six month [[short swing]] [[insider trading]] rules, and issued a $247 million judgment against him, the largest award of its kind at that time.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|last=Heath|first=David|date=August 23, 2003|publisher=Seattle Times|accessdate=February 24, 2010}}</ref> While on appeal in 2005, Jain settled the case for $105 million, while denying liability. Jain's attempt in further litigation against his former lawyers for the loss was dismissed.<ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; ''Dot-con Job: Part 3: The Aftermath – Unusual ally: SEC'', ''[[The Seattle Times]]'', 2005.</ref><ref name="SeattleTimes5">''[http://seattletimes.nwsource.com/html/politics/2008831296_apscotusinfospace.html Court turns down appeal from Infospace founder,] {{webarchive |url=https://web.archive.org/web/20110622053354/http://seattletimes.nwsource.com/html/politics/2008831296_apscotusinfospace.html |date=June 22, 2011 }}'' The Seattle Times, March 9, 2009.</ref><ref>https://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm</ref>


== New Management and Company Restructuring==
==New management and company restructuring==
In December 2002, Jim Voelker took over Naveen Jain's role as Chairman, CEO and President of InfoSpace.<ref>{{cite web|url=https://www.cnet.com/news/infospace-names-new-president-ceo/ |title=InfoSpace names new president, CEO |date=December 23, 2002 |first=Margaret |last=Kane |publisher=[[CNET]] |accessdate=November 28, 2018}}</ref> Voelker quickly shut down or sold many of InfoSpace's 12 businesses, and focused on five core segments.<ref>{{cite web|url=https://www.seattletimes.com/business/new-management-tighter-focus-finally-put-infospace-in-the-black/ |title=New management, tighter focus finally put InfoSpace in the black |date=March 8, 2005 |first=David |last=Heath |first2=Sharon Pian |last2=Chan |work=[[The Seattle Times]] |accessdate=November 28, 2018}}</ref> In 2003, InfoSpace acquired Moviso from [[Vivendi|Vivendi Universal Net USA]].<ref>{{cite web|url=https://www.wsj.com/articles/SB106675333736088600 |title=InfoSpace to Acquire Moviso |date=October 21, 2003 |work=[[The Wall Street Journal]] |accessdate=November 28, 2018}}</ref> In early March 2003, InfoSpace sued Jain for allegedly violating non-compete agreements in his role at newly founded Intelius.<ref>{{cite web|url=https://economictimes.indiatimes.com/infospace-sues-ex-ceo-naveen-jain/articleshow/39981535.cms |title=InfoSpace sues ex-CEO Naveen Jain |date=March 12, 2003 |work=[[The Economic Times]] |accessdate=November 28, 2018}}</ref> In April 2003, Jain resigned from the InfoSpace board.<ref>{{cite web|url=https://www.wsj.com/articles/SB105153722450985000 |title=Ex-InfoSpace CEO Jain Steps Down From Board |date=April 28, 2003 |work=[[The Wall Street Journal]] |accessdate=November 28, 2018}}</ref>
{{refimprovesect|date=November 2015}}

In December 2002, Jim Voelker took over Naveen Jain's role as Chairman, CEO and President of InfoSpace. Voelker quickly shut down or sold many of InfoSpace's 12 businesses, and focused on five core segments.
In 2004, InfoSpace acquired online yellow pages service Switchboard.<ref>{{cite web|url=https://www.wsj.com/articles/SB108031135882566382 |title=InfoSpace Agrees to Acquire Switchboard for $160 Million |date=March 26, 2004 |first=Jennifer |last=Saranow |work=[[The Wall Street Journal|The Wall Street Journal Online]] |accessdate=November 28, 2018}}</ref> It also moved into the mobile games space, acquiring Atlas Mobile, [[IOMO]] and Elkware.<ref>{{cite web|url=https://www.gamasutra.com/view/news/3973/SuperData_Freetoplay_games_led_2017_generating_15B_in_revenue.php |title=InfoSpace Mobile Acquires Atlas |date=July 1, 2004 |first=Jill |last=Duffy |work=[[Gamasutra]] |accessdate=November 28, 2018}}</ref><ref>{{cite web|url=https://www.gamesindustry.biz/articles/more-mobile-consolidation-as-infospace-buys-iomo |title=More mobile consolidation as InfoSpace buys IOMO |date=December 2, 2004 |first=Rob |last=Fahey |work=[[GamesIndustry.biz]] |accessdate=November 28, 2018}}</ref><ref>{{cite web|url=https://www.gamesindustry.biz/articles/infospace-signs-agreement-to-acquire-mobile-games-company-elkware-gmbh |title=InfoSpace Signs Agreement to Acquire Mobile Games Company Elkware GmbH |date=December 16, 2004 |work=[[GamesIndustry.biz]] |accessdate=November 28, 2018}}</ref> InfoSpace reported $249 million in revenue that year, up 89 percent from the previous year and more than Jain ever achieved in the company's dot-com heyday.<ref>{{cite news |url=http://seattletimes.com/html/businesstechnology/2002200296_dotcon3today08.html |title=Dot-Con Job - Part 3: The Aftermath - New management, tighter focus finally put InfoSpace in the black |accessdate=September 13, 2013 |work=[[The Seattle Times]] | first1=David | last1=Heath | date=March 7, 2005}}</ref>
In 2003, InfoSpace acquired Moviso from Vivendi Universal Net USA. Moviso provides ringtones, wallpapers and video games, usually accessed through a mobile handset enabling wireless carriers to charge a fee for these downloads.

In early March 2003, InfoSpace sued Jain for allegedly violating noncompete agreements in his role at newly founded Intelius. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing. In April 2003, he resigned from the InfoSpace board.
In 2007, InfoSpace sold Atlas Mobile studio to Twistbox,<ref>{{cite web|url=https://www.ign.com/articles/2007/01/26/twistbox-acquires-infospace-games |title=Twistbox Acquires Infospace Games |date=January 26, 2007 |work=[[IGN|IGN Wireless]] |accessdate=November 28, 2018}}</ref> Moviso to mobile content tech firm FunMobility,<ref>{{cite web|url=https://techcrunch.com/2007/06/12/infospace-unloads-moviso/ |title=InfoSpace Unloads Moviso |date=June 12, 2007 |work=[[TechCrunch]] |accessdate=November 28, 2018}}</ref> and IOMO re-emerged as FinBlade.<ref>{{cite web|url=https://www.mcvuk.com/development/finblade-opens-its-doors |title=FinBlade opens its doors |date=August 6, 2007 |first=Stuart |last=O'Brien |work=[[The Market for Computer & Video Games|MCV]] |accessdate=November 28, 2018}}</ref> InfoSpace's directory services were acquired by Idearc for $225 million in September 2007,<ref>{{cite web|url=https://www.cnbc.com/id/20821424 |title=InfoSpace to Sell Assets to Idearc for $225 Million |date=September 17, 2007 |work=[[Associated Press]] |publisher=[[CNBC]] |accessdate=November 28, 2018}}</ref> while the remaining portions of InfoSpace Mobile were acquired by Motricity for $135 million in October 2007.<ref>{{cite web|url=https://mashable.com/2007/10/15/motricity-infospace/ |title=Motricity Acquires InfoSpace for $135M |date=October 15, 2007 |first=Kristen |last=Nicole |work=[[Mashable]] |accessdate=November 28, 2018}}</ref>


In February 2009, Jim Voelker retired as CEO and president but remained on the company's board as chairman. From February 2009 to November 2010, Will Lansing served as president and CEO of InfoSpace.<ref>{{cite web|url=https://www.bizjournals.com/seattle/blog/techflash/2009/02/Voelker_leaves_InfoSpace_as_former_VC_takes_over39151932.html |title=Voelker retires as CEO of InfoSpace; former VC takes over |date=February 5, 2009 |first=John |last=Cook |work=Puget Sound Business Journal |accessdate=November 28, 2018}}</ref> Under Lansing's leadership, InfoSpace started an online auction website called haggle.com. A year later, it shut down the website and sold its assets to BigDeal.com.<ref>{{cite web|url=https://www.bizjournals.com/seattle/blog/techflash/2010/11/infospace-shuts-down-haggle-sells.html |title=InfoSpace shuts down Haggle, sells assets to BigDeal.com |date=November 2, 2010 |first=Eric |last=Engleman |work=Puget Sound Business Journal |accessdate=November 2, 2010}}</ref> William J. Ruckelshaus was appointed CEO in November 2010 after serving as a board member since May 2007.
In 2004, InfoSpace acquired Switchboard, which is now owned by Verizon spin-off Idearc Media, and overshadowed by Idearc's SuperPages. It also moved into the mobile games space, acquiring Atlas Mobile, IOMO and elkware.
InfoSpace reported $249 million in revenue in 2004 — up 89 percent from the previous year and more than Jain ever achieved in the company's dot-com heyday.<ref>{{cite news |url=http://seattletimes.com/html/businesstechnology/2002200296_dotcon3today08.html |title=Dot-Con Job - Part 3: The Aftermath - New management, tighter focus finally put InfoSpace in the black |accessdate=September 13, 2013 |publisher=The Seattle Times | first1=David | last1=Heath | date=March 7, 2005}}</ref>
September 2006, InfoSpace released news that a carrier partner would be working directly with major recording labels thus negatively impacting their core business. Following this carrier/label arrangement, InfoSpace sold the Moviso mobile content business to FunMobility, Atlas Mobile studio to Twistbox and IOMO re-emerged as FinBlade. The remaining portions of InfoSpace Mobile were acquired by Motricity in December 2007.
Between May 2007 and January 2008, the company paid shareholders $500 million in special dividends, or $15.30/share. Infospace.com began redirecting to SuperPages in 2009. Superpages had acquired InfoSpace's directory services in 2007.In 2008, industry analysts believed InfoSpace was gradually dismantling itself.


In January 2012, the company acquired TaxAct,<ref>{{cite web|url=https://techcrunch.com/2012/01/09/infospace-buys-online-tax-solutions-company-taxact-for-287-5m-in-cash/ |title=InfoSpace Buys Online Tax Solutions Company TaxACT For $287.5M In Cash |date=January 9, 2012 |work=[[TechCrunch]] |accessdate=November 28, 2018}}</ref> and to help differentiate its name from its new purchase, and that of its InfoSpace search unit, it rebranded its name to Blucora, and its NASDAQ ticker symbol changed to BCOR on June 7, 2012.<ref>{{cite web|url=https://www.marketwatch.com/story/infospace-becomes-blucora-new-symbols-bcor-2012-06-07 |title=InfoSpace becomes Blucora; new symbol's BCOR |date=June 7, 2012 |first=Ben |last=Fox |work=[[MarketWatch]] |accessdate=November 28, 2018}}</ref>
In February 2009, Jim Voelker retired as CEO and president yet remained on the company's board as chairman. From February 2009 to November 2010, Will Lansing served as President and CEO of InfoSpace. Under Lansing's leadership, InfoSpace started an online auction website called haggle.com. A year later, it shut down the website and sold its assets to BigDeal.com.


Effective April 4, 2016, John S. Clendening was appointed CEO of Blucora.<ref>{{cite web|url=https://www.bizjournals.com/seattle/blog/techflash/2016/05/bellevues-blucora-hires-new-ceo-for-transition.html |title=Bellevue's Blucora hires new CEO for transition into finance |date=May 17, 2016 |first=Ashley |last=Stewart |work=Puget Sound Business Journal |accessdate=November 4, 2018}}</ref>
William J. Ruckelshaus was appointed CEO in November 2010 after serving as a board member since May 2007. In January 2012, the company acquired TaxAct, and to help differentiate its name from its new purchase, and that of its InfoSpace search unit, it rebranded its name to Blucora, and its NASDAQ ticker symbol changed to BCOR on June 7, 2012.


==References==
==References==
Line 70: Line 55:
[[Category:Internet search engines]]
[[Category:Internet search engines]]
[[Category:Internet properties established in 1996]]
[[Category:Internet properties established in 1996]]
[[Category:Companies based in Bellevue, Washington]]
[[Category:Companies based in Irving, Texas]]
[[Category:Companies listed on NASDAQ]]
[[Category:Companies listed on NASDAQ]]

Revision as of 20:25, 29 November 2018

Blucora, Inc.
File:Blucora logo.svg
Type of businessPublic
Traded asNasdaq: BCOR
S&P 600 Component
FoundedMarch 1996; 28 years ago (1996-03) (as Infospace, Inc.)
Headquarters
Irving, Texas
,
U.S.
Founder(s)
  • Punam Agrawal
  • Glenn Byrd
  • Jean-Remy Facq
  • Anu Jain
  • Naveen Jain
  • Sanjay Kohli
  • Kevin Marcus
  • Charles Mathieu
  • Chris Matty
  • Richard Openheimer
Key peopleJohn S. Clendening (President and CEO)
ServicesMetasearch and private-label Internet search tax preparation services
Revenue$509.6 million for FY2017[1]
SubsidiariesHD Vest
TaxAct
URLblucora.com

Blucora (formerly Infospace, Inc.) is a provider of Internet-related services, mostly search engines. InfoSpace changed its name to Blucora and NASDAQ symbol from INSP to BCOR on June 7, 2012. This event reflected the company's change as the owner of two online businesses, after its acquisition of TaxACT in January 2012, and distinguishes the parent company from its search business operating unit, which is called InfoSpace.[2]

Blucora's InfoSpace business provides metasearch and private-label Internet search services for consumers and online search and monetization solutions to a network of more than 100 partners worldwide. InfoSpace's main metasearch site is Dogpile; its other brands are WebCrawler, and MetaCrawler.[3]

Blucora's TaxACT subsidiary offers online tax preparation services. Founded in 1998 and made by 2nd Story Software, in the 2005 tax season, TaxACT became the first to offer free federal tax software and free e-file to all U.S. taxpayers.[4]

History

The company was founded as Infospace in March 1996 by Naveen Jain after he left Microsoft. He served as CEO until 2000. The company, which started with six employees.[5] InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers.[6] The company grew at low cost without funding using co-branding strategies. Rather than try to get traffic to an InfoSpace website, sites like Lycos, Excite and Playboy embedded Infospace's features and content into their site and added an InfoSpace icon to it. InfoSpace then earned money by taking a small percentage of licensing, subscription or advertising fees.[7] On December 15, 1998, InfoSpace went public, raising $75 million in the offering.[8]

By April 2000, InfoSpace was working with 1,500 websites, 60 content providers and 20 telecommunications companies.[6] InfoSpace was praised by Wall Street analysts and at its peak its market cap was $31 billion. It became the largest internet business in the American Northwest.[9] InfoSpace may have contributed to the inflated expectations in internet companies during the height of the dot-com bubble.[9][6] In July 2000, InfoSpace acquired Go2Net. After the merger, Go2Net CEO Russell Horowitz became president of Infospace.[10] The same year, InfoSpace used a controversial accounting method to report $46 million in profits when in fact it had lost $282 million. Company executives skirted SEC trading restrictions to sell large blocks of their personal stock.[11]

Jain resumed the role of CEO in 2001,[12] but was forced out by InfoSpace's board as chairman and CEO in December 2002.[13] By June 2002, the company's stock price, which reached $1,305 in March 2000,[14] had dropped to $2.67.[5]

On August 1, 2013, Blucora bought Monoprice in an all-cash transaction.[15] On April 21, 2014, Discovery Communications announced that they had sold HowStuffWorks to Blucora for $45 million.[16]

In July 2016, Blucora announced the sale of its Infospace business, including HowStuffWorks, to OpenMail for $45 million in cash. As part of the deal, CEO Bill Ruckelshaus was replaced by John Clendening.[17] On November 15, 2016, Blucora said it would move its headquarters from Bellevue, Washington, to Irving, Texas. At the same time, the company announced the sale of Monoprice, its online electronics retail business, to Taiwan-based electronics company YFC-BonEagle for $40 million.[18]

Shareholder lawsuit

In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that former InfoSpace CEO, Naveen Jain, had purchased shares of Infospace in violation of six month short swing insider trading rules, and issued a $247 million judgment against him, the largest award of its kind at that time.[19] While on appeal in 2005, Jain settled the case for $105 million, while denying liability. Jain's attempt in further litigation against his former lawyers for the loss was dismissed.[20][21][22]

New management and company restructuring

In December 2002, Jim Voelker took over Naveen Jain's role as Chairman, CEO and President of InfoSpace.[23] Voelker quickly shut down or sold many of InfoSpace's 12 businesses, and focused on five core segments.[24] In 2003, InfoSpace acquired Moviso from Vivendi Universal Net USA.[25] In early March 2003, InfoSpace sued Jain for allegedly violating non-compete agreements in his role at newly founded Intelius.[26] In April 2003, Jain resigned from the InfoSpace board.[27]

In 2004, InfoSpace acquired online yellow pages service Switchboard.[28] It also moved into the mobile games space, acquiring Atlas Mobile, IOMO and Elkware.[29][30][31] InfoSpace reported $249 million in revenue that year, up 89 percent from the previous year and more than Jain ever achieved in the company's dot-com heyday.[32]

In 2007, InfoSpace sold Atlas Mobile studio to Twistbox,[33] Moviso to mobile content tech firm FunMobility,[34] and IOMO re-emerged as FinBlade.[35] InfoSpace's directory services were acquired by Idearc for $225 million in September 2007,[36] while the remaining portions of InfoSpace Mobile were acquired by Motricity for $135 million in October 2007.[37]

In February 2009, Jim Voelker retired as CEO and president but remained on the company's board as chairman. From February 2009 to November 2010, Will Lansing served as president and CEO of InfoSpace.[38] Under Lansing's leadership, InfoSpace started an online auction website called haggle.com. A year later, it shut down the website and sold its assets to BigDeal.com.[39] William J. Ruckelshaus was appointed CEO in November 2010 after serving as a board member since May 2007.

In January 2012, the company acquired TaxAct,[40] and to help differentiate its name from its new purchase, and that of its InfoSpace search unit, it rebranded its name to Blucora, and its NASDAQ ticker symbol changed to BCOR on June 7, 2012.[41]

Effective April 4, 2016, John S. Clendening was appointed CEO of Blucora.[42]

References

  1. ^ "Blucora Reports Fourth Quarter and Full Year 2017 Results". Blucora. February 15, 2018. Retrieved November 4, 2018.
  2. ^ "Archived copy". Archived from the original on July 31, 2013. Retrieved October 11, 2012. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  3. ^ Our Business(archived) Blucora.com
  4. ^ http://www.taxact.com/company/company_aboutus.asp
  5. ^ a b Heath, David (March 6, 2005). "Dot-Con Job — Part 1: Dubious Deals — How InfoSpace took its investors for a ride: Business & Technology: The Seattle Times". Retrieved September 13, 2013.
  6. ^ a b c Welles, Edward (July 1, 2001). "Options, Equity, Rancor". Inc. Magazine. Retrieved March 25, 2015.
  7. ^ "Smarter than Bill". Red Herring. June 30, 1997. Archived from the original on February 19, 2002. Retrieved June 7, 2011.
  8. ^ A Fine IPO for InfoSpace from Wired
  9. ^ a b Heath, David (March 8, 2005). "Dot-con Job: Part 1: Dubious Deals". The Seattle Times. Retrieved June 7, 2011.
  10. ^ InfoSpace to buy Go2Net to expand content delivery
  11. ^ Heath, David (March 7, 2005). "Dot-Con Job — Part 2: Cashing Out — When times got tough, execs hid troubles, dumped stock". The Seattle Times. Retrieved September 13, 2013.
  12. ^ "INFOSPACE INC, Form 8-K, Current Report, Filing Date Jan 23, 2001" (PDF). secdatabase.com. Retrieved May 15, 2018.
  13. ^ "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. April 28, 2003. Retrieved June 7, 2011.
  14. ^ The two faces of InfoSpace, 1998–2001
  15. ^ Miller, Ben (August 1, 2013). "Blucora buying Monoprice for $180M". Puget Sound Business Journal. Retrieved December 21, 2013.
  16. ^ "Discovery Sells HowStuffWorks at 82% Loss After Seven Years". Bloomberg. April 21, 2014. Retrieved April 22, 2014.
  17. ^ "Blucora to sell InfoSpace business for $45 million". Seattle Times. July 5, 2016.
  18. ^ "Blucora moving headquarters to Texas, selling Monoprice for $40 million". Seattle Times. November 15, 2016.
  19. ^ Heath, David (August 23, 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". Seattle Times. Retrieved February 24, 2010.
  20. ^ Heath, David; Pian Chan, Sharon; Dot-con Job: Part 3: The Aftermath – Unusual ally: SEC, The Seattle Times, 2005.
  21. ^ Court turns down appeal from Infospace founder, Archived June 22, 2011, at the Wayback Machine The Seattle Times, March 9, 2009.
  22. ^ https://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm
  23. ^ Kane, Margaret (December 23, 2002). "InfoSpace names new president, CEO". CNET. Retrieved November 28, 2018.
  24. ^ Heath, David; Chan, Sharon Pian (March 8, 2005). "New management, tighter focus finally put InfoSpace in the black". The Seattle Times. Retrieved November 28, 2018.
  25. ^ "InfoSpace to Acquire Moviso". The Wall Street Journal. October 21, 2003. Retrieved November 28, 2018.
  26. ^ "InfoSpace sues ex-CEO Naveen Jain". The Economic Times. March 12, 2003. Retrieved November 28, 2018.
  27. ^ "Ex-InfoSpace CEO Jain Steps Down From Board". The Wall Street Journal. April 28, 2003. Retrieved November 28, 2018.
  28. ^ Saranow, Jennifer (March 26, 2004). "InfoSpace Agrees to Acquire Switchboard for $160 Million". The Wall Street Journal Online. Retrieved November 28, 2018.
  29. ^ Duffy, Jill (July 1, 2004). "InfoSpace Mobile Acquires Atlas". Gamasutra. Retrieved November 28, 2018.
  30. ^ Fahey, Rob (December 2, 2004). "More mobile consolidation as InfoSpace buys IOMO". GamesIndustry.biz. Retrieved November 28, 2018.
  31. ^ "InfoSpace Signs Agreement to Acquire Mobile Games Company Elkware GmbH". GamesIndustry.biz. December 16, 2004. Retrieved November 28, 2018.
  32. ^ Heath, David (March 7, 2005). "Dot-Con Job - Part 3: The Aftermath - New management, tighter focus finally put InfoSpace in the black". The Seattle Times. Retrieved September 13, 2013.
  33. ^ "Twistbox Acquires Infospace Games". IGN Wireless. January 26, 2007. Retrieved November 28, 2018.
  34. ^ "InfoSpace Unloads Moviso". TechCrunch. June 12, 2007. Retrieved November 28, 2018.
  35. ^ O'Brien, Stuart (August 6, 2007). "FinBlade opens its doors". MCV. Retrieved November 28, 2018.
  36. ^ "InfoSpace to Sell Assets to Idearc for $225 Million". Associated Press. CNBC. September 17, 2007. Retrieved November 28, 2018.
  37. ^ Nicole, Kristen (October 15, 2007). "Motricity Acquires InfoSpace for $135M". Mashable. Retrieved November 28, 2018.
  38. ^ Cook, John (February 5, 2009). "Voelker retires as CEO of InfoSpace; former VC takes over". Puget Sound Business Journal. Retrieved November 28, 2018.
  39. ^ Engleman, Eric (November 2, 2010). "InfoSpace shuts down Haggle, sells assets to BigDeal.com". Puget Sound Business Journal. Retrieved November 2, 2010.
  40. ^ "InfoSpace Buys Online Tax Solutions Company TaxACT For $287.5M In Cash". TechCrunch. January 9, 2012. Retrieved November 28, 2018.
  41. ^ Fox, Ben (June 7, 2012). "InfoSpace becomes Blucora; new symbol's BCOR". MarketWatch. Retrieved November 28, 2018.
  42. ^ Stewart, Ashley (May 17, 2016). "Bellevue's Blucora hires new CEO for transition into finance". Puget Sound Business Journal. Retrieved November 4, 2018.
Retrieved from "https://en.wikipedia.org/w/index.php?title=InfoSpace&oldid=871240608"