Source Interlink Media Acquires Majority Interest in Carazoo India
El Segundo, California (April 25, 2012) – Source Interlink Media, a division of Source Interlink Companies, Inc. (Source, www.sourceinterlink.com), announced today that it has acquired a majority interest in Carazoo, a subsidiary of Logix Americas Inc. Expanding its reach globally, this acquisition will position the Source Interlink Media brands to expand into a market where the demographics support a long term growth opportunity for the automotive sector.
Joining the ranks of Yahoo!, eBay, Wal-Mart and Edmunds.com, Carazoo (www.Carazoo.com) was recognized by Cap Gemini as one of eight global entities that will influence the future of car retailing. The company provides dealer management software, website development and marketing services to a variety of automotive and motorcycle dealerships in India. It also operates carazoo.com, the preeminent automotive portal on “all things cars” for India reaching over 500,000 unique visitors per month.
““This acquisition is very exciting as it will provide an established platform for rapid expansion in one of the fastest growing automotive markets in the world,” noted Chris Argentieri, President, Source Interlink Media. “Increasingly, our automotive manufacturing clients are taking a global view of both their manufacturing platform development and their marketing efforts. The acquisition of Carazoo is a major step forward in executing our strategy to provide international scale and reach as a valued marketing partner to advertisers with a global presence. We know the management at Logix to be highly innovative and entrepreneurial with a global perspective, making them the ideal partners as we seek to leverage our brands and expertise overseas.”
Sanjay Soni, Director of Logix Americas, also noted “Carazoo is uniquely positioned in the Indian automotive market as both a consumer website and a platform for dealer marketing. The resources and relationships that Source Interlink Media will bring to this partnership will enable Carazoo to increase the pace of its already rapidly growing business and we look forward to expanding into several new areas of opportunity based on the combined expertise of both our companies.”
About Source Interlink Media:
Source Interlink Media, LLC is the premier source of special interest media in the United States. With more than 75 publications, 100 Web sites, 800 branded products, 50+ events, and TV and radio programs, SIM is the largest provider of content to enthusiast communities interested in automotive, action sports, marine and other niche activities. The division’s strategy is to wholly focus on targeted audiences by leveraging and expanding upon its core market-leading brands through a multiplatform media approach.
About Source Interlink Companies:
Source Interlink Companies is the leading publisher of magazines and on-line content for enthusiast audiences, as well as a leading sales and service distributor of magazines and provider of related in-store services across North America. Through its sales and services initiatives, the Company is able to optimize its media properties through its vertically integrated distribution assets. Source Interlink creates content for more than 70 publications, 90 websites, events, television, and radio. Its portfolio includes many respected brands such as Motor Trend, Automobile, Hot Rod, Automotive.com, Surfer and Intellichoice.
About Logix Americas Inc:
Logix Americas Inc. is a wholly owned subsidiary of Logix Microsystems Limited, India. Logix is a provider of automotive solutions for customers in the United States, Europe and India. Its products are used by more than 800 customers worldwide including leading car manufacturers and are sold under the brand “Izmocars”.
