QuinStreet explained

QuinStreet, Inc.
Type:Public
Traded As:NASDAQ:
S&P 600 component
Key People:Doug Valenti (CEO)
Nina Bhanap (president and CTO)
Industry:Performance marketing, media online
Revenue:$580 million
Revenue Year:2023[1]
Num Employees:937 (2023)[2]
Founder:Doug Valenti
Location:Foster City, California, U.S.

QuinStreet, Inc. is a publicly traded online marketing company based in Foster City, California. The company helps generate web traffic for clients by acquiring popular domain names.

The company was founded in 1999,[3] and was publicly listed in 2010.[4] [5]

History

QuinStreet was formed in 1999 by Doug Valenti (chairman and CEO). Bronwyn Syiek, another founding team member, was president and COO. The company was first profitable in 2002 with revenues of $13 million; by April 2009, QuinStreet reported $300 million in annual revenues and approximately 450 employees.[6] [7]

QuinStreet Inc. acquired U.S. Citizens for Fair Credit Card Terms, Inc, which operated the CardRatings.com website in August 2008 for an initial cash payment of $10.4 million.[8]

In the beginning of August 2009, QuinStreet Inc. used some of its cash reserves to acquire the Internet.com division of WebMediaBrands Inc. for $18 million.[9] [10]

In September 2009, QuinStreet purchased Insure.com for $16 million.[11] The company's other financial-services properties include MoneyRates.com, Get Rich Slowly, ConsumerismCommentary.com and HSH.com.[12]

An initial public offering on February 11, 2010, raised $150 million, with the shares listed on Nasdaq under the symbol QNST.[13]

In September 2011, QuinStreet acquired the IT Business Edge (ITBE) network of web publications.[14]

In June 2012, the company was under investigation by the Attorneys General's offices of 15 separate US states, led by the Attorney General of Kentucky, Jack Conway.[15] The company was accused of targeting military veterans with deceptive recruiting practices for its for-profit school clients.[16] The company agreed to pay a $2.5 million fine and relinquish the website GIBill.com.[16]

In February 2012, the company acquired the media assets of Ziff Davis "Enterprise", which included eWeek.com, CIOInsight.com, Baseline.com, ChannelInsider.com and WebBuyersGuide.com, and others.[17]

In 2018, the company acquired AmOne, an online marketing company.[18] In 2019, Quinstreet acquired CloudControlMedia, LLC and MyBankTracker.com, LLC.[18] [19] [20]

In 2020, QuinStreet sold its B2B tech publications to TechnologyAdvice.[21] QuinStreet divested their education media, client and campaign assets on August 31, 2020.[22]

Business

Quinstreet's education clients have included Art Institutes, DeVry University, Kaplan University, University of Phoenix, Westwood, and other for-profit colleges.[23] [24]

Notes and References

  1. Web site: 10-K QuinStreet, Inc . sec.gov.
  2. Web site: 10-K QuinStreet, Inc . sec.gov . 9 December 2024.
  3. Web site: 10-K QuinStreet, Inc . sec.gov . 9 December 2024.
  4. News: Conroy . Eric . QuinStreet is a beacon of hope in IPO market . 20 November 2024 . Journal Record . 8 February 2010.
  5. News: Yarbrough . Beau . QuinStreet IPO: Cool welcome to Foster City online ad company . 1 December 2024 . Mercury News . 11 February 2010.
  6. News: Geron . Tomio . QuinStreet Publicly Boasts About Its Earnings . WSJ Blogs . Wall Street Journal . 2009-08-18 . 2011-01-05.
  7. Web site: QuinStreet, Inc. . Company profile from Hoover's . . 2011 . 2011-01-05.
  8. Web site: sv1. www.sec.gov. 2016-09-28.
  9. News: Ali . Rafat . Meckler Selling Internet.com Business to QuinStreet For $18M; Exiting Tech Trade . . 2009-08-09 . 2011-01-05 . May 2, 2012 . https://web.archive.org/web/20120502112341/http://paidcontent.org/2009/08/10/419-meckler-selling-internet-com-business-to-quinstreet-for-18m-exiting-tec/ . dead .
  10. News: WebMediaBrands Sells Internet.com to QuinStreet . InternetNews.com . internet.com . 2009-08-10 . 2011-01-05.
  11. Web site: QuinStreet buys Insure.com. San Francisco Business Times. 2009-10-12.
  12. Web site: QuinStreet Announces Acquisition of ConsumerismCommentary.com. QuinStreet. 2011-11-28.
  13. Web site: QuinStreet, Inc (QNST) . . IPO record . February 11, 2010 . 2013-10-06.
  14. Web site: QuinStreet, Inc. - QuinStreet Announces Acquisition of IT Business Edge. investor.quinstreet.com. 2016-10-05.
  15. News: Fifteen State Attorneys General To Investigate Company Marketing For-Profit Colleges To Veterans. ThinkProgress. 2012-06-06. April 14, 2024. https://web.archive.org/web/20240414110923/http://archive.thinkprogress.org/fifteen-state-attorneys-general-to-investigate-company-marketing-for-profit-colleges-to-veterans-6bb89a204016/. live.
  16. Web site: QuinStreet settles complaints it misled veterans. San Francisco Chronicle. 2012-06-28.
  17. Web site: QuinStreet Acquires Ziff Davis Enterprise Media Assets. 2012-02-06. QuinStreet. dead. https://web.archive.org/web/20131105041519/http://investor.quinstreet.com/releasedetail.cfm?releaseid=646220. 2013-11-05.
  18. Web site: Quinstreet, Inc 2019 Quarterly Report 10-Q. SEC. SEC.report. en. 2020-05-15.
  19. Web site: QNST.A - QuinStreet Inc Key Developments. Reuters. 2020-05-15.
  20. Web site: QuinStreet buys digital marketing agency. www.spglobal.com. 2020-05-15.
  21. Web site: eWEEK Moves to New Publisher, TechnologyAdvice.com . eweek.com . 14 May 2021.
  22. https://coverager.com/quinstreet-announces-divestiture-of-education-client-vertical/
  23. Web site: Halperin . David . 1 February 2016 . Military-Branded Websites Push Veterans to Troubled For-Profit Colleges . Huffington Post.
  24. Web site: Company profile. DeVry, Inc.. 20 April 2023. senate.gov.

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