Fairfax Media has sold online tender service TenderLink for an undisclosed amount to business services company Dun & Bradstreet Australia.
Tenderlink is an online procurement community that facilitates the advertisement and management of tenders, quotes and expressions of interest published by the public and private sectors.
Fairfax acquired Tenderlink in 2010 for $14 million.
Fairfax said Tenderlink’s sales proceeds and contribution to operating profits provided a 2.3 times return on investment.
Guy Reypert, group director of Fairfax’s Digital Ventures division, said the business had significantly grown over the past six years with a focus on serving local government.
“D&B is a natural owner of TenderLink, with the businesses having complementary capabilities. D&B is well placed strategically to provide new opportunities for TenderLink’s customers and employees,” he said.
TenderLink was established in 1994.
For more news from NewsMediaWorks, click here.