Jupitermedia Corp. on Wednesday said it has sold its JupiterResearch division to finance firm MCG Capital Corp. for $10.1 million.
The division has been merged with Kagan Research LLC, a unit of Arlington, Va.-based, MCG, to form a new company called JupiterKagan Inc., a research and consulting firm that would focus on media, telecommunications, the Internet and emerging consumer technologies.
New York-based Jupitermedia, which owned JupiterResearch for four years, said it sold the unit to focus on its division that sells digital images.
"The funds received will continue to strengthen our balance sheet and allow us to have greater buying power for more acquisitions for our Jupiterimages division," Alan M. Meckler, chairman and chief executive of Jupitermedia, said in a statement.
The merged company would have more than 100 employees operating out of six offices in the United States, United Kingdom, Germany and France.
Tim Baskerville, chief executive of JupiterKagan, said the combined company would have greater scale and data resources than the individual companies.