Autobytel Inc. shares were up about 30% to a market value of $185 million after the Irvine-based automotive marketing company said it acquired Dealix Corp. from CDK Global Inc. in Hoffman Estates, Ill. for $25 million.
Redwood City-based Dealix provides sales leads for new and used cars to dealerships and car manufacturers. It also runs the auto-buying site UsedCars.com, a market share Autobytel is looking to expand into.
Autobytel said it expects the “acquisition to be accretive to net income in 2015.”
“[It] further expands our reach and influence in the automotive industry by increasing our lead generation capabilities and the size of our car dealer network,” President and Chief Executive Jeff Coats said in a statement.
The all-cash deal added approximately 600 new and 300 used car dealers to Autobytel’s client network, which now has about 4,954 dealer members.
Autobytel reported net revenue of $26.2 million and income of $773,000 for the first quarter that ended March 31.
