Earlier this week, Homestore.com signed a definitive agreement to sell its ConsumerInfo.com online consumer credit unit to privately held business software company Experian for $130 million cash. Experian is headquartered in Nottingham, UK, and Orange, Calif., and is a subsidiary of GUS plc, a retail and business services group, headquartered in Manchester, UK.
Homestore has said it would be restating some of its financial results after an audit revealed improper revenue recognition. It says the sale of ConsumerInfo.com was part of its strategy to focus on its core real estate business.
The company said last week it improperly booked revenues from barter deals for advertising. Rather than selling advertising on its site for cash, Homestore sometimes swapped space in exchange for placing its ads on another site.
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