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PrimaryAds, a smaller affiliate network, has been acquired by CGI Holding Corp for $10 million in cash. In the press release, it said that “PrimaryAds earned $921,635 pre-tax during the first quarter of 2005.” If you annualize that figure, the revenues would be close to $4 million for the year. That means the purchase price is about 2.5x revenue.

This news story also states that CGI owns Kowabunga which provides software for affiliate marketing. Kowabunga was acquired recently according to a press release on their site.

CGI Holding will change their name to Think Partnership and is listed on AMEX under the symbol THK.

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