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Individual Inc. Will Buy ClariNet

June 17, 1997|Reuters

Electronic publisher Individual Inc. has agreed to acquire ClariNet Communications Corp. for about 1.5 million shares of Individual stock, or $7.7 million. Privately held ClariNet, a San Jose-based Internet news company, has annual revenue of about $3.9 million and has had a positive cash flow for five years, Individual said. Employee-owned and funded predominantly from internal cash flow, ClariNet has an estimated 1.5 million licensed readers and serves more than 350 Internet service providers, corporations and educational institutions. Brad Templeton, ClariNet's founder, and Roy Folk, its president and chief operating officer, will become officers of Individual. The acquisition is the second by the Burlington, Mass.-based company in as many weeks. On June 6, Individual acquired CompanyLink, a research product from Delphi Internet Services. Individual's stock fell 12.5 cents to close at $5 on Nasdaq.

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