Internet REIT
Internet REIT (iREIT) is a next-generation media company that owns, manages and sells premier domain names. It specializes in Direct Navigation Marketing.
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| Type: | Privately held |
| Industry: | Internet |
| Founded: | 2004 |
| Founder(s): | Bob Martin & Mark Ostrofsky |
| Headquarters: | 1177 West Loop South, Suite 1300 Houston, Texas |
| Country: | USA |
| Employees: | 11-50 |
| Website: | Internet REIT |
| LinkedIn: | Internet REIT |
| Key People | |
| Bob Hurtte, Chief Executive Officer Craig Snyder, President and Director | |
Bob Hurtte is the CEO of Internet REIT, and its main office is located in Houston, Texas.
Foundation and Funding
Bob Martin and Marc Ostrofsky co-founded Internet REIT in 2004 to acquire prime internet domain names and and web properties for sale to advertisers.[1] The company received its initial outside financing from Jacobson Family Investments Inc. in 2005[2]
In 2006, Internet REIT received $20 million investment from Maveron LLC, a Seattle venture capital firm chaired by Howard Schultz; Perot Investments Inc., a Dallas investment company owned by Ross Perot; and Breco Holdings Inc., a company owned by Alfredo Brener.[3]
Business Offerings and Portfolio
iREIT offers reseller management, client relations, sales reporting, quality assurance testing, customer management, salesforce.com administration, data analysis, and marketing fulfillment to its clients.
The company owns hundreds of thousand of high-quality domain names such as Netster.com, CreditReports.com, FarmLoans.com, EBuy.com, Tablets.com CreditTips.com, and many other domains.
Ownership of Mis-spelled Domain Names
iREIT owns 30 misspelled names of Google and its product names [4] as well as typo-error Verizon domain names.
Early in 2007, Verizon Wireless filed a cybersquatting law suit against Internet REIT alleging that the company has profited from its more than 90 domain names with typographical errors of Verizon Wireless trademarks; in addition, Verizon asked for $ 100,000 statutory damages per domain name.[5]
The legal battle between Verizon and iREIT was amicably resolved on December, 2007. FoxBusiness.com reported that part of the settlement between the parties included monetary payment to Verizon and a permanent injunction issued to iREIT prohibiting the company from registering, trafficking in or using as a registrant any domain name that is identical or confusingly similar to the Verizon trademarks. Other details were confidential.[6]
Partnership
In 2007, iREIT developed a strategic partnership with DNforum.com, the largest professional internet domain discussion forum with more than 30,000 registered members. The company will provide an increased functionality and features to DNforum's members which would help iREIT build relationship with domainers.[7]
ICANN and Internet REIT
iREIT is a participant of the ICANN Domain Rountable Conference.