Seller is no stranger to big ticket domain sales — $4M+ GiftCard.com
Seller also sold CashBack.com to Microsoft.
Yesterday Gift Card Lab disclosed that it had purchased GiftCard.com for over $4 million in cash and equity.
The purchase was not just a domain name; it came with a long running business that also included the 1-800-gift-card vanity number.
I confirmed with Gift Card Lab that it paid $4 million in cash and the equity was on top of that. But I also wanted to check in with the seller, Maynard Modest.
He confirmed that the sale included a $4 million cash component plus the equity.
As I talked to Modest this morning I began to have a sense of de-ja-vu. Then it hit me: I had talked to Modest many years ago when he made another big sale.
Modest sold Microsoft the CashBack.com domain name in 2008 when the firm released its cash back search promotion.
Although Modest could not tell me how much he sold CashBack.com to Microsoft for, he did say he sold CashBack.net to a different firm for six figures.
As stated by his LinkedIn profile, Modest got his degree from the University of Nebraska back in the 1950s. He has been at the helm of his firm Creative Marketing Associates for nearly forty years following a fifteen year stint at another firm.
So you might assume that the GiftCard.com sale is Modest’s last hurrah ahead of he goes off to buy a beach home. But you’d be mistaken. Modest has many ideas for fresh business ventures, and he’s actively working on the next ones.
Don’t be surprised if you see another story regarding Modest on Reglike in the future.
