TEOCO Corporation acquires Respond Networks
FAIRFAX: Respond Networks will continue to market, support and develop its products, and will become one of four operating divisions of TEOCO. Respond will also continue to operate under the Respond Networks brand name.
Respond's lead management solutions enable directory publishers, associations and portals to create private-labeled services that connect small businesses with purchase-ready buyers from their own customer base or from Respond's extensive network. The company has been facilitating online consumer requests since 1998. In that time, Respond's more than 50 partners including InfoSpace, Lycos, Martindale-Hubbell, QwestDex, VeriSign and Verizon have generated more than 1.5 million requests and 3.5 million responses.
Respond has successfully built a recurring revenue-based business, which strengthens TEOCO by adding to and diversifying its revenue base. In addition, TEOCO and Respond target and work with similar customers, including large telecommunications companies such as Verizon and Qwest. TEOCO will leverage these and other synergies to efficiently integrate Respond's business into its operations, while continuing to serve the needs of Respond's customers.
"Respond has built a proven and sustainable business that extends our current offerings and diversifies our revenues," stated Atul Jain, chairman and CEO of TEOCO. "Over the past two years, Respond has solidified its customer base and business model, and is now well-positioned to become an important part of TEOCO over the long-term. The strong partnerships Respond has cultivated with companies in the yellow pages, directory and portal segments make it a very attractive addition to TEOCO."
"TEOCO is a great partner to take Respond to the next level by providing the financial and operational environment the company needs to continue its market momentum," said Lyn Chitow Oakes, president and CEO of Respond Networks. "We're pleased to become part of the TEOCO family and look forward to providing our customers with the software and solutions that help them realize the power of the Internet in facilitating local commerce."
Under terms of the agreement, Atul Jain will assume the role of Acting General Manager for the Respond Networks Division. Lyn Chitow Oakes will be leaving the company to pursue personal interests. Terms of this acquisition were not disclosed.
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