QuinStreet

QuinStreet, Inc. is a publicly traded marketing company based in Foster City, California. QuinStreet offers performance-based marketing and search engine marketing services. QuinStreet was founded in 1999, and has launched or acquired dozens of websites and other media properties.

QuinStreet, Inc.
TypePublic
NASDAQ: QNST
S&P 600 Component
IndustryPerformance marketing, media online
Founded1999
HeadquartersFoster City, California, USA
Key people
Doug Valenti, Founder & CEO; Nina Bhanap, President and CTO
Revenue$297.7 million (FY2016)

$299.7 million (FY2017)
$404.4 million (FY2018)
$455.2 million (FY2019)

[1]
Number of employees
637 (2019) [1]

The company was investigated in 2012 by 20 U.S. states for using deceptive marketing tactics to promote for-profit schools to U.S. veterans. QuinStreet agreed to pay $2.5 million and made several changes to its practices to end the investigation. Despite the sanctions, QuinStreet continues gathering information which it sells to for-profit colleges.[2][3]

[2] History

QuinStreet was formed in 1999 by Doug Valenti (chairman and CEO). Bronwyn Syiek, another founding team member, was president and COO. The company was first profitable in 2002 with revenues of $13 million; by April 2009, QuinStreet reported $300 million in annual revenues and approximately 450 employees.[4][5]

In February 2015, Nielsen NetRatings named QuinStreet the eighth top advertiser, after Education Dynamics, USA & StudentsLeads, India spending $9.4 million on 1.9 billion ads viewed.[6]

QuinStreet Inc. acquired U.S. Citizens for Fair Credit Card Terms, Inc, which operated the CardRatings.com website in August 2008 for an initial cash payment of $10.4 million.[7]

In the beginning of August 2009, QuinStreet Inc. used some of its cash reserves to acquire the Internet.com division of WebMediaBrands Inc. for $18 million.[8][9] Among the sites that QuinStreet Inc gained with the acquisition of Internet.com were InternetNews.com, Datamation.com, ServerWatch, Webopedia.com, ServerWatch.com, EnterpriseNetworkingPlanet, SmallBusinessComputing.com, LinuxPlanet.com and Developer.com.

In September 2009, QuinStreet purchased Insure.com for $16 million.[10] The company's other financial-services properties include MoneyRates.com, Get Rich Slowly, ConsumerismCommentary.com and HSH.com.[11]

An initial public offering on February 11, 2010, raised $150 million, with the shares listed on Nasdaq under the symbol QNST.[12]

In India, QuinStreet operates IndiaEducation.net, IndiaEduNews.net, and ExamResults.net,[13] which it acquired in 2011 by incorporating QuinStreet India Marketing And Media Private Limited (QSIMM.)[14][15]

In September 2011, QuinStreet acquired the IT Business Edge (ITBE) network of web publications[16]

In February 2012, the company acquired the media assets of Ziff Davis "Enterprise", which included eWeek.com, CIOInsight.com, Baseline.com, ChannelInsider.com and WebBuyersGuide.com, and others.[17]

In 2018, the company acquired AmOne, an online marketing company.[18] In 2019, Quinstreet acquired CloudControlMedia, LLC and MyBankTracker.com, LLC.[19][20][21]

For its second quarter of fiscal 2013, the Company reported total revenue of $71.8 million. Adjusted EBITDA was $11.2 million, or 16% of revenue.[22] For its fiscal 2016, QuinStreet reported total revenue of $297.7 million[23] Quinstreet reported first quarter fiscal 2017 revenue of $73.4 million with an EPS of $0.01, missing analyst targets.[24] For its fiscal year ending June 30, 2018, QuinStreet reported net revenue of $404 million and basic net income per share of $0.34.[25] Net revenue for fiscal year ending June 30, 2019, was reported to be $455 million with basic net income per share of $1.26.[26]

Partnerships

The company has certain partnerships with other organizations including:

Bob Vila: According to CNBC, "QuinStreet manages Vila's Find a Pro Network.[27]

Credit.com: The company uses QuinStreet technology to match individuals with personal loans.[28]

Deceptive advertising investigation and settlement

In June 2012, the company was under investigation by the Attorneys General's offices of 15 separate US states, led by the Attorney General of Kentucky, Jack Conway.[29] The company was accused of targeting military veterans with deceptive recruiting practices for its for-profit school clients.[30] The company agreed to pay a $2.5 million fine and relinquish the website GIBill.com.[30] Quinstreet's education clients have included Art Institutes, DeVry University, Kaplan University, University of Phoenix, Westwood, and other for-profit colleges.[3][31]

References
  1. "QuinStreet 2019 10K filing". Retrieved 2020-05-15.
  2. "Don't share that infographic spam". Salon. 8 March 2013.
  3. Halperin, David (1 February 2016). "Military-Branded Websites Push Veterans to Troubled For-Profit Colleges". Huffington Post.
  4. Geron, Tomio (2009-08-18). "QuinStreet Publicly Boasts About Its Earnings". WSJ Blogs. Wall Street Journal. Retrieved 2011-01-05.
  5. "QuinStreet, Inc". Company profile from Hoover's. Hoover's. 2011. Retrieved 2011-01-05.
  6. "QuinStreet Marketing Strategy Presentation Burns Bright at DMA06 Conference". QuinStreet. 2006-11-06. Retrieved 2011-01-05.
  7. "sv1". www.sec.gov. Retrieved 2016-09-28.
  8. Ali, Rafat (2009-08-09). "Meckler Selling Internet.com Business to QuinStreet For $18M; Exiting Tech Trade". paidContent. Retrieved 2011-01-05.
  9. "WebMediaBrands Sells Internet.com to QuinStreet". InternetNews.com. internet.com. 2009-08-10. Retrieved 2011-01-05.
  10. "QuinStreet buys Insure.com". San Francisco Business Times. 2009-10-12.
  11. "QuinStreet Announces Acquisition of ConsumerismCommentary.com". QuinStreet. 2011-11-28.
  12. "QuinStreet, Inc (QNST)". IPO record. NASDAQ. February 11, 2010. Retrieved 2013-10-06.
  13. "IndiaEducation.com Launches Free e-Book Series for College Students and New Graduates". The Telegraph. 19 June 2012.
  14. "About Quinstreet India Marketing And Media Private Limited". Zauba. Retrieved 2014-11-20.
  15. "QuinStreet is now bringing colleges and students together online in India". QuinStreet.
  16. "QuinStreet, Inc. - QuinStreet Announces Acquisition of IT Business Edge". investor.quinstreet.com. Retrieved 2016-10-05.
  17. "QuinStreet Acquires Ziff Davis Enterprise Media Assets". QuinStreet. 2012-02-06. Archived from the original on 2013-11-05.
  18. SEC. "Quinstreet, Inc 2019 Quarterly Report 10-Q". SEC.report. Retrieved 2020-05-15.
  19. SEC. "Quinstreet, Inc 2019 Quarterly Report 10-Q". SEC.report. Retrieved 2020-05-15.
  20. Editorial, Reuters. "QNST.A - QuinStreet Inc Key Developments | Reuters". www.reuters.comundefined. Retrieved 2020-05-15.
  21. "QuinStreet buys digital marketing agency". www.spglobal.com. Retrieved 2020-05-15.
  22. "QuinStreet Reports Financial Results for Its Second Quarter of Fiscal 2013". GlobeNewswire. 2013-01-29.
  23. "EDGAR Pro". yahoo.brand.edgar-online.com. Retrieved 2016-10-05.
  24. "Quinstreet, Inc (QNST) Misses Q1 EPS by 3c; Will Implement Corp. Restructuring". StreetInsider.com. Retrieved 2016-11-30.
  25. https://investor.quinstreet.com/static-files/3a7b32cf-3f8a-482d-9eb5-3f8602475dd7
  26. https://www.sec.gov/Archives/edgar/data/1117297/000156459019033605/qnst-10k_20190630.htm#ITEM_6_SELECTED_CONSOLIDATED_FINANCIAL_D
  27. https://www.cnbc.com/2019/09/24/the-original-handyman-bob-vila-on-finding-success-by-accident.html
  28. https://www.globenewswire.com/news-release/2019/08/28/1907876/0/en/QuinStreet-Inc-Announces-Partnership-with-Credit-com.html
  29. "Fifteen State Attorneys General To Investigate Company Marketing For-Profit Colleges To Veterans". ThinkProgress. 2012-06-06.
  30. "QuinStreet settles complaints it misled veterans". San Francisco Chronicle. 2012-06-28.
  31. https://www.help.senate.gov/imo/media/for_profit_report/PartII/DeVry.pdf
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