SOURCE: Hearst Corporation

March 02, 2007 08:30 ET

Hearst Corporation Announces the Acquisition of Veretech, LLC

Leading Online Vehicle Trade-In Application, Intelliprice™, Used by Consumers, Automotive Dealers and Major Manufacturers

NEW YORK, NY -- (MARKET WIRE) -- March 2, 2007 -- Hearst Corporation today announced the acquisition of private technology company Veretech, LLC, which operates one of the most successful online vehicle trade-in and sales lead generation applications now used by more than 2,000 consumer retail Web sites, manufacturer sites and Web portals. Veretech's products are offered under the Intelliprice™ and Black Book Online™ brands through licenses with major automobile manufacturers, including General Motors, Ford Motor Company, Nissan, Mitsubishi, Hyundai, Kia and Suzuki. (Black Book® is operated by National Auto Research, also owned by Hearst).

The announcement was made by Victor F. Ganzi, president & CEO of Hearst Corporation, and Richard P. Malloch, president of Hearst Business Media. Veretech, now a wholly owned subsidiary of Hearst Business Media, will continue to be based in Boca Raton, Florida. All employees of the company will remain with Hearst.

Commenting on the acquisition, Ganzi said: "Veretech is the clear leader in providing automotive shoppers with an instant and accurate trade-in value range for their current vehicle and providing dealerships with high-quality sales leads for customers. We see opportunities to further leverage the Intelliprice application across Hearst, including at our newspapers, and see great revenue potential ahead."

Malloch said: "While Veretech has already captured some of the largest automotive manufacturers in the U.S., we believe growth exists with those that remain, as well as at the automotive portals and dealer Web sites. I welcome all the employees of Veretech to Hearst, especially Mike McFall, president; Art DeLaurer, COO; and Bardo Peterson, vice president of OEM sales. We look forward to working with you to expand the Intelliprice and Black Book Online brands."

According to a recent Harris Interactive poll, 51% of new car purchasers had used the Internet to gather information about the purchase or lease of their most recent vehicles. Of those respondents, 40% said the reason for searching on the Internet was to compare and check prices.

Hearst Corporation (www.hearst.com) is one of the nation's largest diversified media companies. Its major interests include 12 daily and 30 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News, and Albany Times Union; nearly 200 magazines around the world, including Cosmopolitan, Good Housekeeping, and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television (NYSE: HTV), which reach a combined 18% of U.S. viewers; joint venture interests in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Group; Internet businesses; television production; newspaper features distribution; and real estate.

Hearst Business Media (HBM) (www.hearst.com/business_media), a division of Hearst Corporation, operates more than 20 business-to-business information services (including Black Book®), electronic databases, and publications. The group has holdings in the automotive, electronic, medical/pharmaceutical, and finance industries.

Contact Information

  • Contact:
    Paul Luthringer
    Hearst Corporation
    212-649-2540
    Email Contact