Logix buys automotive portal business of PowerOne

New Delhi, Mar 4: Software development company Logix Microsystems Ltd has acquired the automotive portal business of PowerOne Media, Carsite.com, for an undisclosed amount.

The acquisition has been made through the company's US venture izmocars, which is a leading web solutions provider for automotive dealers and portals, a statement said on Friday.

The acquisition was an all cash deal for the assets of the automotive portal business of PowerOne Media, Carsite.com.

All the company's products are marketed in the US by gizmocars, its 100 per cent subsidiary.

PowerOne Media was a leading provider of online portals to media partners. It had recently upgraded their CarSite Platform to make it more user-friendly and to meet the technology needs of their media partners.

The CarSite acquisition is a strategic investment for the Logix.

It adds a customer base of more than 50 clients located all over the US and a technology platform to build their media business, a statement said.

The market size for the online portal business in the United States is about 55 million dollars.

UNI