Goto buys SearchUP, seeks new identity

GoTo.com Inc. (Nasdaq: GOTO) said Thursday it is buying privately-held Internet service company SearchUP Inc. and searching for a new corporate identity.

The e-commerce service provider will issue shares of GoTo common stock in the deal, acquiring all of the assets and intellectual property of SearchUP. This includes all of the target’s registered URLs, trademarks, and the patent on its URL Position Manager.

The acquisition of the URL Position Manager adds to GoTo's account management services for advertisers. Terms of the deal weren't disclosed.

In a separate statement, GoTo also said it intends to change its corporate name.

The company says the name change is part of plan to change its image from that of a Web destination site to a provider of Web and e-business services.

The willingness of GoTo to give up is name and logo is ironic given it won a court battle with Disney over its logo and name. Earlier this year, the Disney-backed GO portal site changed its logo, eliminating the stoplight-esque green circle.

GoTo has hired the consulting firm NameLab help come up with a new corporate tag. GoTo also plans to use other agencies over the coming weeks.

The renaming process should be complete by the middle of next year and will need shareholder approval.

GoTo shares were up 0.38 to 12.75 in early trading Thursday.