(PR NEWSWIRE) ZDNet to Acquire SoftSeek Inc.
ZDNet to Acquire SoftSeek Inc.
Leading Electronic Software Distribution and Download Site to Increase ZDNet's
Audience Reach and Content Resources
SAN FRANCISCO, July 9 /PRNewswire/ -- ZDNet (NYSE: ZDZ) today announced
that it has signed a letter of intent to acquire SoftSeek Inc. Terms of the
proposed transaction were not disclosed. SoftSeek ( softseek.com )
produces a leading software download site that combines the best available
titles with product reviews and guidance, and is complimentary to ZDNet's own
popular Software Library ( zdnet.com ). The acquisition will
provide the ZDNet audience with another solid source of software downloads and
editorial, while adding considerably to ZDNet's site traffic with the
integration of SoftSeek's large, substantially unduplicated audience.
SoftSeek focuses on selecting the best new titles, and adding its unique
editorial perspective to the collection, just like the ZDNet Software Library.
SoftSeek and the ZDNet Software Library will remain separate Web sites, each
with its own distinct editorial personality. The two sites will be tightly
inter-linked, matching services and exposing their respective audiences to
valuable new content resources.
"Like our acquisition of Updates.com earlier this week, SoftSeek.com is
consistent with ZDNet's mission to make buying and using technology easier for
all levels of users," said Dan Rosensweig, president and CEO of ZDNet. "The
proposed acquisition of SoftSeek is an excellent example of our intention to
continue developing our one-stop marketplace for software product evaluation
and e-commerce. While there are obvious benefits for our audience, we're also
excited at the prospect of expanding our reach and traffic significantly with
the addition of SoftSeek's technology-interested visitors."
Increasingly, software buyers are turning to the Internet as the most
efficient way to evaluate and purchase software products. According to
IDC(A), estimated worldwide revenue from Electronic Software Distribution
(ESD), defined as software that is both purchased and transmitted online, will
reach $5.9 billion by 2001. By emphasizing the continued expansion of its
software download services, ZDNet is aligning itself with the burgeoning ESD
marketplace. The ZDNet Software Library enables visitors to learn about and
test products before they decide to buy, and then directs them to software
vendors when they're ready to make a purchase.
"ZDNet is widely recognized as the place to go for technology content and
services," said Paul Fitzpatrick, and Rosanne Falvey, co-CEO's of SoftSeek.
"We knew immediately that we found the right strategic partner in ZDNet, since
their editorial philosophies match our own so well. Our audience will benefit
enormously from the access to ZDNet's technology news, reviews, e-commerce,
community and services."
About ZDNet
Based in San Francisco, ZDNet develops and maintains the ZDNet Web site
(www.zdnet.com), a leading source for technology and Internet content and
commerce. By combining groundbreaking, interactive technology with editorial
from its own award-winning editorial team and from Ziff-Davis' worldwide
network of journalists, ZDNet produces original, compelling content and
communities of common interests in technology. ZDNet is consistently ranked
by Media Metrix as the number-one Web site in the News, Information and
Entertainment category. ZDNet is a division of Ziff-Davis Inc. (NYSE: ZD and
ZDZ).
This release contains forward-looking statements that are subject to risks
and uncertainties. Although Ziff-Davis Inc. believes that the expectations
reflected in its forward-looking statements are reasonable, actual results
could differ materially from those expectations. Important cautionary
statements and risk factors that would affect actual results are discussed in
materials filed by Ziff-Davis Inc. with the Securities and Exchange
Commission, including under the caption "Risk Factors" in the Registration
Statement on Form S-1, which became effective March 30, 1999. Holders of ZD
Stock and ZDNet Stock are common stockholders of Ziff-Davis Inc. and are
subject to the risks associated with an investment in Ziff-Davis Inc. and all
of its businesses, assets and liabilities.
NOTE(A): IDC Report#16705, July 1998
SOURCE ZDNet
-0- 07/09/99
/CONTACT: Martha Papalia, 617-225-3340, martha_papalia@zd.com or
Investors: Robert Borchert, 212-503-3505, robert_borchert@zd.com both of
ZDNet/
/Web site: softseek.com
/Web site: zdnet.com
(ZDZ ZD)
CO: ZDNet; SoftSeek Inc.; Ziff-Davis Inc.
ST: California
IN: CPR MLM
SU: TNM
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