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PFN buys PsychicFriendsNetwork.net to get sector dominance.

MANews-(C)2009-2012

10 August 2012 a[euro]" US telephonic psychic advice provider The Psychic Friends Network (OTCBB:PFNI), or PFN, said on Friday it had bought PsychicFriendsNetwork.net with the aim of achieving a dominant position in the psychic services sphere.

The company noted that this acquisition comes just a month after it took over another one of its direct competitors, namely PsychicFriend.com. Both transactions are in line with PFNa[euro](tm)s expansion programme, which envisages the purchase of various rival businesses.

The buyer quoted a recent report from IBSWorld Market Research according to which, the psychic services sector had grown at an average annual rate of 2% to about USD2.1bn (EUR1.7bn) over the past five years. The company also cited website ranking engine Alexa which said there are almost 7,400 psychic services currently active online. PFN noted that none of them has yet secured a dominant position in the sector like the original Psychic Friends Network did during the 1990s.

The company did not say how much it paid for the acquired business. It stressed that PsychicFriendsNetwork.net was not linked to the orginal PFN.

Marc Lasky, CEO of the purchaser, said that the growth opportunity for such service is now more open than it was before.Country: USASector: IT/Online ServicesTarget: PsychicFriendsNetwork.netBuyer: The Psychic Friends NetworkType: Corporate acquisitionStatus: Closed

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Publication:M & A Navigator
Date:Aug 10, 2012
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