Google paid £37.1m for BeatThatQuote despite £262,705 loss
Managing director John Paleomylites offered £2m credit facility to aggregator prior to Google’s £37.1m acquisition
Super-rich Google paid £37.1m for BeatThatQuote despite a year-end loss of £262,705 loss and a shareholders’ deficit of £1.7m, latest accounts show.
The accounts ending January 2011 also reveal that founder and managing director John Paleomylites offered a £2m credit facility to the firm, of which £500,000 was drawn down. Including interest, £545,836 was eventually paid back.
The bright spot for BeatThatQuote is that it reduced its after-tax loss to £262,705 from £2m in 2010.
Turnover was also up £13.7m (2011) from £8.4m (2010). Google paid £37.1m for BeatThatQuote in March last year.
Google was unavailable for comment.
