Automotive media giant Autobytel has announced plans to sell its specialty finance leads product to internet brands.
The product includes $3.2 million of cash, as well as additional transition licensing income totaling $1.6 million over a five-year period. The transaction is expected to close on December 31, 2016, subject to customary closing conditions.
For calendar year 2016, SFL revenue is expected to be $6.4 million, with $0.5 million of contribution to operating income. For 2015, SFL revenue was $6.5 million, with $0.5 million of contribution to operating income.
“This divestiture will enable us to further dedicate time and resources to our fastest-growing business initiatives – our core vehicle lead and click products,” said Jeff Coats, President and CEO of Autobytel in a statement.
“We believe divesting this non-core asset is in the best interest of our stockholders as we redeploy the proceeds from the sale back into our core business.”
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