[See also my follow-up interview with CEO Mark Britton.]
I am at a conference and will follow up with more details when I can, but for now, here is the text of the announcement.
LOS ANGELES (January 11, 2018) — Internet Brands has reached an agreement to acquire Avvo, Inc. and add the renowned brand to its expansive Legal portfolio. Terms of the transaction were not made public. The closing between the parties is expected to be completed shortly.
Founded in 2006 and based in Seattle, Avvo is a leading online legal marketplace connecting lawyers and consumers. The brand attracts more than 100 million annual visits to its namesake website and mobile apps through a comprehensive offering of legal services, attorney profiles, Q&A forums, and educational content for consumers and attorneys. More than 300,000 attorneys are active Avvo users.
Avvo will join Internet Brands’ Legal vertical, a robust and innovative online legal network simultaneously serving consumers and attorneys. Internet Brands entered the Legal space in 2010 and operates flagship online legal brands Nolo (high-quality legal content for consumers and attorney leads), Martindale-Hubbell (legal directory, websites and peer ratings), Ngage (live chat) and Total Attorneys (attorney leads).
With the addition of Avvo, the Internet Brands Legal vertical will offer an extensive product offering for attorneys, including directory listings, leads, websites and chat.
“Avvo’s culture of rapid innovation with the mission of serving both consumers and attorneys mirrors the strategy that has guided the Internet Brands Legal portfolio to strong growth over the past decade,” said Bob Brisco, CEO of Internet Brands. “We look forward to continuing to transform how consumers connect with attorneys while helping attorneys grow their businesses.”
“Internet Brands is a uniquely great fit for us,” said Mark Britton, Founder and CEO of Avvo. “With their commitment to and understanding of the legal vertical, we quickly envisioned a collective whole that would bring more consumers and lawyers together than ever before. I am excited about what we will accomplish together.”
The Avvo brand will be retained following completion of the acquisition, and Avvo will continue to operate from its headquarters in Seattle under the direction of its existing leadership team.
Citi is serving as exclusive financial advisor to Avvo in connection with the transaction and Perkins Coie is serving as its legal advisor.