ValueClick Inc. is selling its European self-service paid search business to a former company executive.
The Westlake Village-based firm is making that move because Search123 does not fit with the long-term strategy of the company, officials said.
The buyer is Carl White, the former executive in charge of ValueClick’s European operations. White will make payments for the purchase based upon performance of Search123 over the next four years.
Search123 has been a small business for ValueClick, making money on a cost-per-click basis through a relationship with a major search engine provider. The business brought in $6.4 million in revenue for the first quarter in 2012 and $7 million in the second quarter. For the full 2011 fiscal year, Search123 revenue was $31.4 million.
“Its divestiture allows us to focus on our significant growth initiatives as we build out an integrated solution to help digital marketers drive multi-channel brand engagement and customer acquisition through one strategic partner,” said ValueClick CEO James R. Zarley.
Mark R. Madler