iB3 Solutions, a technology consultant, completed a deal last week to purchase NYC Mags Inc., MadisonAvenueMatch.com owner. The online dating service, which is going to target professionals in New York who are looking for a romantic relationship, is still being developed and is planned for launch during the 1st quarter of next year.
iB3 Networks provides a number of services that include: managed hosting, hosting solutions, dedicated colocation and hosting, implementation and design of networks, managed services, internet monitoring and security, application development, and web development. It is also the new face of Language Access Network, who bought iBeam Solutions two years ago. The name of the company was change in July when they sold their principal subsidiary and landed Eric Schmidt as the new Chief Executive.
NYC Mags and MadisonAvenueMatch.com were purchased by the company with a total of $75 thousand. iB3 Networks also signed an employment deal for Michael Jacobson, the creator of the site and a former publisher for the namesake magazine of Donald Trump. Under the employment deal, Jacobson will serve as the president of MadisonAvenueMatch.com and is also to receive 850,000 shares of stock in the company if the website hits launch, revenue, and membership targets. He has warrants as well that are tied to revenue milestones for purchasing 1% of stock in the company for 50 cents per share.
With such a big future ahead, Jacobson is sure to meet the expectations of the company in making MadisonAvenueMatch.com a success. Be sure to be on the lookout for the site (www.madisonavenuematch.com) at the start of next year.
