24/7 Real Media, a Net advertising technology company, said Friday that it sold its majority stake in iPromotions to a group of private investors, including employees of the Seattle-based interactive marketing agency. New York-based 24/7 will keep a minority interest in and a working relationship with iPromotions, which helps travel-related companies measure the effectiveness of their online marketing campaigns. Terms of the divestiture were not disclosed.
"This transaction will allow 24/7 Real Media to enjoy the benefits of a strategic partner in the promotions business," company Chief Executive David J. Moore said in a statement. "This will help us focus on our core media business, while expanding our successful WebSite Results search optimization unit and enhancing our leading Open AdStreamTM ad serving platform."