QuinStreet

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QuinStreet, Inc.
Type Public
Traded as NASDAQQNST
Industry Performance marketing, media online
Founded 1999
Headquarters Foster City, California, USA
Key people Doug Valenti, Founder & CEO
Revenue $336.8 million
Website www.quinstreet.com

QuinStreet, Inc. is a publicly traded online marketing company based in Foster City, California. QuinStreet employs a performance-based advertising model with search engine marketing strategies to promote clients on Web sites in a number of markets, including: education, home services, financial services, business-to-business, medical/health, brand advertising, and career services.

History[edit]

QuinStreet, Inc. was formed in 1999 by Doug Valenti (chairman and CEO). Bronwyn Syiek, another founding team member, is president and COO. The company was first profitable in 2002 with revenues of $13 million; by April 2009, QuinStreet reported $300 million in annual revenues and more than 450 employees.[1][2]

In February 2006, Nielsen NetRatings named QuinStreet the eighth top advertiser, spending $9.4 million on 1.9 billion ads viewed.[3]

In the beginning of August 2009, QuinStreet Inc. used some of its cash reserves to acquire the Internet.com division of Nasdaq-listed WebMediaBrands Inc. for $18 million.[4][5]

In September 2009, QuinStreet purchased Insure.com for $16 million.[6] QuinStreet's board of directors included a representative of Sutter Hill Ventures, and former-US Senator Bill Bradley of Allen & Company. An initial public offering on February 11, 2010, raised $150 million, with the shares listed on Nasdaq under the symbol QNST.[7]

In February 2012, the company acquired the media assets of Ziff Davis "Enterprise", which included the internet properties "eWeek.com, CIOInsight.com, Baseline.com, ChannelInsider.com and WebBuyersGuide.com, among others".[8] For its second quarter of fiscal 2013, the Company reported total revenue of $71.8 million. Adjusted EBITDA was $11.2 million, or 16% of revenue.[9]

2012 investigation and settlement[edit]

In June 2012, the company was under investigation by the Attorney Generals' offices of 15 separate US states, led by the Attorney General of Kentucky, Jack Conway.[10] The company was accused of targeting military veterans with deceptive recruiting practices for its for-profit school clients.[11] QuinStreet denied wrongdoing and no determination of guilt was made.[11] The company cooperated with the attorneys general and entered into a voluntary agreement to update its websites to ensure clarity around schools advertising. In addition, the company agreed to pay $2.5 million to the states involved as part of a consumer protection settlement with what had expanded to 20 state Attorneys General, and turn over the website GIBill.com to the United States Department of Veterans Affairs to settle the civil investigation.[12]

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