Assets include Web.com domain, web hosting accounts and registrar business.

Interland, a provider of websites and online services for small and medium-sized businesses, yesterday announced that it has completed asset acquisition from Web Internet, LLC and Web Service Company Inc.

Included in the assets are the domain name Web.com, web hosting business comprised of approximately 9,000 subscribers, accredited registrar business and trademark rights. Interland paid approximately $4.8 million in cash, restricted stock and assumed liabilities. Roughly half of the consideration consists of assumed liabilities, including debt in the form of a low-interest 3% loan payable over three years.
 
Interland intends to change its corporate name to Web.com, Inc, which is a move designed to clearly align the company with its branded line of business, offering web services for small and medium-sized businesses and consumers. Current Web.com CEO, Will Pemble, will join Interland as an Executive Vice President and will focus on building Web.com's consumer and registrar business.

"Acquiring Web.com is an exciting step toward increasing our market penetration. Web.com is an under-utilized asset that we can unlock to reach its full potential," stated Jeff Stibel, President and CEO, Interland. "In addition to a tremendous branding opportunity, this acquisition adds revenues, significant direct navigation traffic, and an entrance into the consumer segment of the web hosting market."