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03|30|2010 01:22 pm EDT

Idealab sells Top10.com to UK Company for 1 Million in Cash & Equity

by Frank Michlick in Categories: Domain Sales

Incubator Idealab sold the domain name Top10.com for $200,000 USD in cash and a 7% equity stake in the new Top10.com Media Ltd. company. Idealab founder Bill Gross will join the advisory board of the company.

Top10.com has been purchased by the team behind Top 10 Broadband and Top 10 Mobile Phones, comparison sites targeting the UK market.sector. Prior to today’s rebranding the company’s sites attracted a combined 1.5 million UK users a month according to their press release. Both sites have been amalgamated and are being re-launched under the Top10.com umbrella as of today. The company, which was founded in 2006, appears to also own the top10.co.uk domain name. Top10.com Media employs 20 staff in its Central London offices and is privately owned by its four co-founders, Tom Leathes, Harry Jones, Alex Buttle, and Andrew Cartland.

View the full press release after the jump.

TOP10.COM DOMAIN BOUGHT BY UK FIRM FROM IDEALAB IN $1 MILLION DEAL

  • Idealab’s Bill Gross takes seat on advisory board
  • Deal is joint-biggest global domain name sale in 2010

30 March, 2010 – London – A UK price comparison company announced today that it has bought the domain name Top10.com from Idealab, the US-based company founded by Bill Gross and behind many successful technology companies including Picasa
and GoTo.com. The cash and equity deal values the domain name at over $1m, making it one of the most expensive domain purchases ever by a UK company, and the company will be rebranded as Top10.com Media Ltd.

Top10.com has been purchased by the team behind Top 10 Broadband and Top 10 Mobile Phones, together the UK’s most popular comparison sites in the telecoms sector. As part of the deal, which included a $200,000 cash payment and gives
Idealab a 7% share in the company, Bill Gross will join the advisory board.

Prior to today’s rebranding, Top 10 Broadband and Top 10 Mobile Phones attracted a combined 1.5 million UK users a month. Both sites have been amalgamated and are being re-launched under the Top10.com umbrella as of today
(March 30).

Tom Leathes, co-founder and director at Top10.com, said: “Idealab’s involvement in our business is a great endorsement of our company’s success to date, and will provide a real boost to our plans ahead for Top10.com. While we have doubled in size every year since we started in 2006, Idealab’s involvement will help us move to the next level as a business. We want to expand
our user-focused approach to comparison into some exciting new products and the global marketplace.

“With Top10.com, we aim to reinvent the way people find and compare products, and we will be working with Bill and the Idealab team to bring this vision to fruition in 2010 and beyond,” Leathes continues.

Bill Gross, CEO of Idealab, said: “The Top 10 team has already been highly successful and consistently profitable and there is amazing potential for future growth. We think that the price comparison sector is ripe for change, and in need of innovation.”

Top 10 Broadband and Top 10 Mobile Phones turned over more than £9m in FY 2009. The company, founded in 2006, currently employs 20 staff in its Central London offices. The firm is privately owned by its four co-founders, Tom Leathes, Harry Jones, Alex Buttle, and Andrew Cartland.

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4 Comments

uberVU - social comments

March 30, 2010 @ 2:07 pm EDT

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This post was mentioned on Twitter by domainnamenews: #domains: Idealab sells Top10.com to UK Company for 1 Million in Cash & Equity http://bit.ly/at7Hm1

BUZZ

March 31, 2010 @ 9:38 am EDT

Great deal for Top10.com owners :)

Jhonny Canuck

April 2, 2010 @ 12:04 pm EDT

Good news for any TopXX.xom format names too I would imagine.

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