Fort Myers-based online marketer MIVA Inc. has sold part of its operations and cut its work force.
The company sold its MIVA Media operations to advertising network Adknowledge for $11.6 million in cash.
In a news release, MIVA said the transaction allows it to further streamline its operations and accelerate its strategy of developing and expanding its high margin, consumer-oriented toolbar, homepage and desktop search-related products.
With the sale, MIVA has reduced its total headcount from 129 on Dec. 31 to approximately 50, which includes the transfer of about 75 MIVA Media and corporate staff to Adknowledge.
Most of MIVA Inc.'s remaining employees will work out of the company's New York offices, with only a few remaining in Fort Myers.
MIVA will use the money from the sale to expand its ALOT product.
"We believe that consolidation is required in the pay-per-click sector and that Adknowledge is extremely well positioned to take advantage of MIVA Media's assets," said Peter Corrao, MIVA Inc.'s president and CEO, in a statement.
MIVA Inc.'s common stock continues to trade on the Nasdaq under the trading symbol MIVA. But the company plans to change its name and ticker symbol soon.
Founded in 2003, Adknowledge is an online advertising company based in Kansas City, Mo. The company has offices in London, Sydney, San Francisco, New York and Los Angeles. It’s a private company with more than 140 employees.