MIVA, formerly FindWhat.com, has settled a long-running legal dispute with Yahoo!’s Overture Services. The dispute centered on patented technology that enables advertisers to use automated bidding systems to place paid search ads on search engine results pages.
After MIVA agreed to make a one-off payment of $8 million to Yahoo! and to license some of Yahoo!’s patents, Yahoo! dismissed all its claims. In response to the settlement, MIVA’s share price rose by almost 10% in early trading on Monday. MIVA’s shares ended up closing at $6.05 on Monday, 6.51% higher.