30DC, the owner of the MagCast platform, sells off Immediate Edge business unit
No cash is exchanged in the sale, as the new owner will surrender their shares in 30DC for the business unit
The company behind the MagCast digital publishing platform, 30DC, said today that they have sold their Immediate Edge business unit to Raine Ventures, LLC.
Immediate Edge was originally acquired in July of 2009 and offers a subscription-based Internet education program offering high-end internet marketing instruction and strategies on how to run membership sites and rewards programs, on SEO and other services.
The deal involves no cash. Instead, Dan Rainem who has been VP of business development at 30DC, will return his 10,560,000 shares of 30DC common stock to the company in exchange for receiving ownership of Immediate Edge.
“The divestiture of Immediate Edge allows us to place greater focus on our MagCast and Market ProMax Platforms. The Company sees future growth coming in the digital marketing, mobile and e-commerce space which these products address,” said Ed Dale, CEO, in the company’s announcement.
In fiscal year 2013, Immediate Edge revenue totaled $505,000 and turned a profit of $77,000.For the first six months of the new fiscal year, though, the unit’s revenue has been down and it has been running in the red.