RESEARCH TRIANGLE PARK, N.C. -- GoTo.com Inc. has spun off its GoTo Auctions unit, but will retain an 18.5% stake in the company and hold a board seat.
The current management team, which will be led by co-founder and Chief Executive Scot Wingo, will assume financial and operating control of GoTo Auctions, which was renamed ChannelAdvisor, Goto said Monday. ChannelAdvisor helps companies create a brand presence on the Web. Additional terms weren't disclosed.
Separately, closely held Comet Systems Inc., New York, announced a one-year search distribution agreement with GoTo. Under the pact, GoTo's search listings will be syndicated to users of Comet's Comet Cursor software.
Last week, GoTo reported a narrower-than-expected loss and raised its revenue and profit outlook amid continued growth in its pay-for-performance search services.
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