Master of domains: Kirkland’s Rightside goes public
Trading of the Demand Media spinoff opened Monday at $15.82.
Seattle Times business staff
Rightside Group, a Kirkland-based domain services company, went public Monday, after completion last week of its spinoff from Demand Media.
Rightside Group stock, trading as “NAME” on the Nasdaq, opened at $15.82.
The company named Taryn Naidu, formerly Demand Media’s executive vice president of domain services, as CEO. It also named David Panos, former chief strategy officer and chief marketing officer of Demand Media, as chairman.
Demand Media, a media content company, had decided to spin off the domain-services portion of its company and form Rightside Group so that a board and executive team could be formed to focus on its core business, which includes acquiring and operating top-level domain names, said Mark Gross, Rightside Group’s spokesman.
Top-level domain names are the suffix that comes at the end of a website address, such as “.com” or “.org.” The organization that manages the Internet’s domain-name registration system is allowing many more such top-level domain names to be used. Rightside Group so far has launched top-level domain names including “.ninja,” “.actor,” “.futbol” and “.consulting.”
Demand Media shareholders are receiving one share of Rightside Group for every five Demand Media shares they hold.
Last year, Rightside Group recorded sales of $185.2 million and a net loss of $10.7 million.
The company has about 250 employees, 180 of whom work at its Kirkland headquarters.