Inuvo®, Inc. (NYSE Amex: INUV), an online marketing technology and services company, announced today its financial results for the third quarter and nine months ending September 30, 2011.
- Announced the intent to acquire Vertro™, Inc. (NASDAQ: VTRO), owner and operator of the ALOT™ product portfolio. The deal will bring together two public digital media companies whose combined distribution, expertise, partnerships, technology and synergies should position Inuvo well in the evolving digital marketplace.
- Launched Kowabunga®, “More Deals, More Places” ( www.kowabunga.com), daily deals website with over 600 national and local market deals sourced from third-party deal providers across 50 U.S. markets. Throughout the quarter, the number of deals swelled to over 1,800 across 80 U.S. markets with plans to expand to over 100 markets by the end of 2011.
- Developed and released a Kowabunga ad unit, available within the Inuvo Platform, to allow publishers the opportunity earn commission for promoting Kowabunga deals on their websites. The ad unit, when placed on a publisher’s page, rotates through available daily deals based on the geography of the consumer entering that page.
- Began distribution efforts associated with the BargainMatch® application, launching tests both through direct marketing campaigns and private-label versions with partners. Inuvo expects, at scale, that these partners will be able to deliver thousands of new users daily through their large existing user base.
- In the first nine months of 2011, deployed 17 new publishers who collectively generated $2.0 million in revenue.
“The third quarter has brought us new and exciting opportunities for growth. With the planned acquisition of Vertro, the launch of the Kowabunga daily deals business and the advancement of BargainMatch, we remain true to our strategy to nurture our core business while investing in growth initiatives within new markets that leverage our core assets,” commented Richard K. Howe, Inuvo’s CEO.