Autobytel Inc. agreed to sell its specialty finance leads product to Internet Brands Inc.
The total consideration for the SFL product includes $3.2 million of cash, as well as additional transition licensing income totaling $1.6 million over a period of five years, the company said Dec. 20. The deal is expected to close Dec. 31, subject to customary closing conditions.
Jeff Coats, the president and CEO of Autobytel, said the deal is expected to help the company further "dedicate time and resources" to the company's core vehicle lead and click products.
On Dec. 31, 2015, the company had about $88.2 million in available net operating loss carryforwards for U.S. federal income tax purposes. The company's tax benefit preservation plan was adopted by the company's board to preserve the company's NOLs and other tax attributes and reduce the risk of a possible change of ownership. As of Oct. 31, there were 10,962,330 shares of the company's common stock outstanding.