DETROIT – PriveCo, Inc., the self-proclaimed "world's most private" online retailer, has announced its acquisition of Vibrators.com, a URL that company President Tom Nardone says he's had his eye on for some time. PriveCo reportedly paid $1 million for ownership of the domain name.
This week Nardone made a down payment to the domain owner and signed a contract, which will allow PriveCo to pay off the balance of the agreement over the next five years.
"I found the owner of Vibrators.com several years ago," he explained to AVN Novelty Business magazine in an exclusive interview. "He is a wealthy individual with a keen business sense from Arkansas whose family deals in large industrial vibrating equipment. He originally registered the domain along with several others and soon realized that the people visiting Vibrators.com were not looking for their type of equipment."
Nardone, who founded PriveCo in 1998, began working with the owner of the domain in 2002 by operating the website for him.
"I began working out a deal with him over five years ago and have been privately running the website for him ever since," Nardone told ANB. "All along we had the understanding that once I raised a million dollars, the website would be mine. In 2002, Vibrators.com wasn't worth a million dollars. Now it is, and I'm just happy that, with our business model and growth over the last decade, I was able to make this leap."
The deal poses an obvious risk in today's economic climate. PriveCo is a small company in the suburbs of Michigan and a million dollars is admittedly a lot of money to them. Nardone, however, feels that the special combination of PriveCo's business and the name Vibrators.com will be just enough to make this new deal a success.
"Vibrators.com is an instantly recognizable name," says Nardone. "It's tied to products that people want to buy in complete privacy, something we're both known for and good at. Customers will value PriveCo's policies and services; we have strong experience in this field, and frankly, competitor websites lack professionalism and tact."
It's these factors which solidified Nardone's decision to take the risk and invest such a large sum of money in a domain name. It is also a good time for the company to undertake such a massive endeavor, as it's celebrating 10 years in business.
To discuss the future plans of PriveCo and Vibrators.com, contact Tom Nardone at 800)-809-0610 or email [email protected].
