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Weekly News Digest

December 9, 2002 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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D&B Announces Agreement to Acquire Hooverís

D&B has announced a definitive agreement to acquire Hoover's, the Austin, Texas-based provider of business information. Reasons for the D&B purchase include Hoover's strong subscription business, complementary products, and strength in the small-business market. The acquisition is expected to close in the first quarter of 2003, subject to the usual approvals

According to the announcement, the transaction is valued at $7 per share in cash, for a total of approximately $117 million. Hoover's recently reported annual revenue of $32 million and its first full year of profitability, with net income of $1 million. Hoover's subscription revenues represented 81 percent of its total revenues in the quarter ended Sept. 30, 2002, and grew 22 percent over the comparable prior-year period.

Source: D&B


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