JUPITERMEDIA ANNOUNCES ACQUISITION OF DEVX.COM NETWORK OF DEVELOPER WEB SITES(New York, NY- July 14, 2003) – Jupitermedia Corporation (Nasdaq: JUPM) today announced that it has acquired the assets of DevX.com (www.devx.com) from DevX.com, Incorporated for $2,250,000 in cash, 200,000 restricted shares of Jupitermedia common stock and the assumption of certain liabilities.
Formed through venture capital investment from Hummer Winblad Venture Partners, DevX is a leading provider of technical information and services that enable corporate application development teams to meet development challenges. DevX provides the international developer community with comprehensive information about software development for corporate applications. The DevX.com Network consists of sites that are leaders in their respective vertical markets, such as Windows and Web development, .NET, Java, XML, C/C++, Visual Basic, Database and Wireless. DevX resources are available through three main channels: its public Web site www.devx.com; DevX Vendor Development Portals, which enable leading IT vendors to reach a large, influential audience seeking product and vendor-specific technical information; and DevX Corporate Development Portals for corporate IT departments.
"We are pleased to be able to acquire one of the leading Web development resources,” stated Alan M. Meckler, Chairman and CEO of Jupitermedia. “The acquisition of DevX.com and its large developer-oriented readership further extends our resources for the Web development community. DevX’s methodology and expertise for creating custom portals for clients brings new revenue opportunities to Jupitermedia. We are also pleased that Peter Horan will continue on in his role of President of the DevX.com Network, and expect significant marketing and business synergies between DevX.com and our internet.com, EarthWeb.com and ArtToday.com Networks, along with our numerous trade shows. We expect that this acquisition will be neutral to our earnings in 2003 and accretive in 2004,” stated Meckler.
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