by - May 8, 2009
Today is a very important day for us. 11870.com has admitted Vocento into its group of shareholders, they participate in 33 percent. The remaining 67 percent still belongs to the same investors and the team that took part in the creation of this project. Gómez-Acebo & Pombo, have provided us with legal counsel during the whole process.
All the publicly available information regarding this operation can be found in the following press release:
- Vocento joins 11870.com to lead the market for leisure and directories on the Net (official press release in English)
- Vocento entra en 11870.com para liderar el mercado de ocio y directorios en la Red (official press release in Spanish)
From a businesses point of view, having this new shareholder on board consolidates us as a robust and stable project. It allows us to provide the project with enough funds so as to reach the moment in which our income exceeds our expenses. Having BBK and Vocento as significant shareholders brings us a measure of security and stability in these uncertain times.
For our users and visitors, this transaction will be beneficial:
- We’ll develop the projects we had in mind in a lot less time; we’ll also be able to make 11870.com content available to more people than ever before.
- We’ll reach new users whose experience will show us places and services in areas where we weren’t well known up to now.
- Our estimates services will also be more accessible thanks to the influence of Vocento‘s regional and national media.
There are two points that we would like to emphasize, these matters are important to us:
- Content will still belong to the user that uploaded it: everything a user has saved to 11870.com will continue on his or her 11870.com profile and remain their property. The only difference now is that more people will be able to see it.
- We’re still the same people: the team that has been in charge of the company from the get-go stays on board, there will be no changes or additions but those brought about by the growth and improvement of 11870.com. We’re the same group of people, with the philosophy, style and essence that many of our users and visitors are familiar with.
We’re all pleased and motivated by the new stage we enter today. We look forward to proving our words with actions and presenting you with new developments that we are very excited about. Our dream is to offer users and visitors one of the best websites possible.