InfoSpace: Difference between revisions

{{Infobox dot-com companywebsite

| name = BlucoraInfoSpace, Inc.

| logo = Blucora = File:Infospace-logo.svgpng

| company_type = [[Public company|Public]]

| traded_asfounded = {{NASDAQ|BCOR}}<br>[[S&Pstart 600|S&Pdate 600and Component]]age|1996|3}}

| foundationdissolved = {{start2012 date(renamed and age|1996|3}}InfoSpace (asbusiness sold off Infospace,in Inc.2016)

| 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 = [[Irving, Texas|Irving]], [[Texas]]

| key_people = Chris Walters (President and CEO)

| services = [[tax preparation service]]s

| subsid = [[H.D. Vest|HD Vest]]<br />[[TaxAct]]

| website = {{url|https://www.blucora.com}}/

The company was founded as Infospace in March 1996 by [[Naveen Jain]] after he left [[Microsoft]]. The company started with six employees, and Jain served as CEO until 2000.<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|accessdateaccess-date=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 (web portal)|Excite]] and [[Playboy]] embedded InfospaceInfoSpace'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|archiveurlarchive-url=https://web.archive.org/web/20020219205103/http://www.redherring.com/mag/issue44/jain.html|archivedatearchive-date=2002-02-19|title=Smarter than Bill|publisher=[[Red Herring (magazine)|Red Herring]]|date=June 30, 1997|accessdateaccess-date=June 7, 2011}}</ref> On December 15, 1998, InfoSpace [[Initial Publicpublic Offeringoffering|went public]] under the ticker INSP, raising $75 million in the offering.<ref>[https://archive.istoday/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|accessdateaccess-date=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 InfospaceInfoSpace.<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 |accessdateaccess-date=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 |accessdateaccess-date =May 15, 2018}}</ref> but was soon 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|accessdateaccess-date=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 sharply 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 |accessdateaccess-date=September 13, 2013 | first1=David | last1=Heath | date=March 6, 2005}}</ref>

In December 2002, Jim Voelker took over Naveenassumed Jain's role as Chairmanchairman, 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|last=Kane|first=Margaret|date=December 23, 2002|publisher=[[CNET]]|accessdateaccess-date=November 28, 2018}}</ref> Voelker quickly shut down or sold many of InfoSpace's 12 businesses, andto focusedfocus 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|lastlast1=Heath|firstfirst1=David|last2=Chan|first2=Sharon Pian|author-link=Sharon Chan (journalist) |date=March 8, 2005|work=[[The Seattle Times]]|accessdateaccess-date=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]]|accessdateaccess-date=November 28, 2018}}</ref> In early March 2003, InfoSpace sued Jain foralleging allegedlyhe violatingviolated 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]]|accessdateaccess-date=November 28, 2018|archive-date=November 30, 2018|archive-url=https://web.archive.org/web/20181130031808/https://economictimes.indiatimes.com/infospace-sues-ex-ceo-naveen-jain/articleshow/39981535.cms|url-status=dead}}</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]]|accessdateaccess-date=November 28, 2018}}</ref>

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|last=Saranow|first=Jennifer|date=March 26, 2004|work=[[The Wall Street Journal|The Wall Street Journal Online]]|accessdateaccess-date=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|last=Duffy|first=Jill|date=July 1, 2004|work=[[Gamasutra]]|accessdateaccess-date=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|last=Fahey|first=Rob|date=December 2, 2004|work=[[GamesIndustry.biz]]|accessdateaccess-date=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]]|accessdateaccess-date=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|last1=Heath|first1=David|date=March 7, 2005|work=[[The Seattle Times]]|accessdateaccess-date=September 13, 2013}}</ref>

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]]|accessdateaccess-date=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]]|accessdateaccess-date=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|last=O'Brien|first=Stuart|date=August 6, 2007|work=[[MCV (magazine)|MCV]]|accessdateaccess-date=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|workagency=[[Associated Press]]|publisher=[[CNBC]]|accessdateaccess-date=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|last=Nicole|first=Kristen|date=October 15, 2007|work=[[Mashable]]|accessdateaccess-date=November 28, 2018}}</ref>

In February 2009, Jim Voelker retiredresigned 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|last=Cook|first=John|date=February 5, 2009|work=Puget Sound Business Journal|accessdateaccess-date=November 28, 2018}}</ref> Under Lansing's leadership, InfoSpace started an online auction website called haggle.com., Abut after one year later,the itwebsite was shut down the website and sold its remaining assets were sold 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|last=Engleman|first=Eric|date=November 2, 2010|work=Puget Sound Business Journal|accessdateaccess-date=November 2, 2010}}</ref> William J. Ruckelshaus was appointed CEO in November 2010 after serving as a board member since May 2007.{{citation needed|date=January 2019}}

In January 2012, the companyInfoSpace acquired tax preparation software company 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]]|accessdateaccess-date=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 toas 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|last=Fox|first=Ben|date=June 7, 2012|work=[[MarketWatch]]|accessdateaccess-date=November 28, 2018}}</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 | access-date=April 22, 2014}}</ref>

[[Category:Companies1998 listedinitial onpublic NASDAQofferings]]