The company was investigated in 2012 by 20 U.S. states for using deceptive marketing tactics to promote for-profit schools to U.S. veterans. QuinStreet agreed to pay $2.5 million and made several changes to its practices to end the investigation. Despite the sanctions, as late as 2016 QuinStreet continued gathering information which it sold to for-profit colleges.[2][3]
QuinStreet was formed in 1999 by Doug Valenti (chairman and CEO). Bronwyn Syiek, another founding team member, was president and COO. The company was first profitable in 2002 with revenues of $13 million; by April 2009, QuinStreet reported $300 million in annual revenues and approximately 450 employees.[4][5]
QuinStreet Inc. acquired U.S. Citizens for Fair Credit Card Terms, Inc, which operated the CardRatings.com website in August 2008 for an initial cash payment of $10.4 million.[6]
In the beginning of August 2009, QuinStreet Inc. used some of its cash reserves to acquire the Internet.com division of WebMediaBrands Inc. for $18 million.[7][8]
In September 2009, QuinStreet purchased Insure.com for $16 million.[9] The company's other financial-services properties include MoneyRates.com, Get Rich Slowly, ConsumerismCommentary.com and HSH.com.[10]
Aninitial public offering on February 11, 2010, raised $150 million, with the shares listed on Nasdaq under the symbol QNST.[11]
In September 2011, QuinStreet acquired the IT Business Edge (ITBE) network of web publications[12]
In February 2012, the company acquired the media assets of Ziff Davis "Enterprise", which included eWeek.com, CIOInsight.com, Baseline.com, ChannelInsider.com and WebBuyersGuide.com, and others.[13]
In 2018, the company acquired AmOne, an online marketing company.[14] In 2019, Quinstreet acquired CloudControlMedia, LLC and MyBankTracker.com, LLC.[14][15][16]
For its second quarter of fiscal 2013, the Company reported total revenue of $71.8 million. Adjusted EBITDA was $11.2 million, or 16% of revenue.[17] For its fiscal 2016, QuinStreet reported total revenue of $297.7 million[18] Quinstreet reported first quarter fiscal 2017 revenue of $73.4 million with an EPS of $0.01, missing analyst targets.[19] For its fiscal year ending June 30, 2018, QuinStreet reported net revenue of $404 million and basic net income per share of $0.34.[20] Net revenue for fiscal year ending June 30, 2019, was reported to be $455 million with basic net income per share of $1.26.[21]
In 2020, QuinStreet sold its B2B tech publications to TechnologyAdvice.[22]
Deceptive advertising investigation and settlement[edit]
