Docstoc Acquires Recommendation SiteMonday, August 26, 2013
After six years as an online documents resource for small businesses, Docstoc is looking to expand its offerings to become a one-stop-shop for those firms.
The Santa Monica company first launched a service to help small businesses obtain the correct licenses and then created a site for product and vendor reviews. Now, Docstoc has acquired New York recommendation site BestVendor to further build out its suite of products.
Docstoc Chief Executive Jason Nazar said he planned to integrate the company's homegrown recommendation service, ExpertCircle, with BestVendor, which focuses on software reviews. The company did not disclose how much it paid for the website.
"Our vision is to build the destination to help new and small businesses," Nazar said. "To do that, we need a multi-product strategy. Part of our strategy going forward will be to look for acquisition targets."
This is Docstoc's first acquisition. Nazar says the 50-person company has been profitable for about two years. The company hasn't raised capital since 2008 when it took $3.25 million from Rustic Canyon Ventures, bringing its total funding to $4 million.