It has been announced that UK price comparison website Formula Digital has purchased the domain name Top10.com from Idealab, resulting in a company rebrand.

As part of this deal, Formula Digital will rebrand itself as Top10.com Media Ltd and Idealab will receive a seven per cent stake in the company. The domain name has been valued in excess of $1 million, making it one of the most expensive purchases of a domain name ever made by a UK firm.

Top ten as a brand name is known in the Affiliate Marketing Sector for its Top ten Mobile Phones and Top ten Broadband comparison websites. It is estimated that some 1.5 million UK consumers access these sites every month.

Tom Leathes, Commercial Director at Top10.com Media Ltd spoke about the purchase: “For us this deal wasn't just about a domain name.”

He explained that it can be a problem for affiliate marketing companies which operate many different brands and web properties to stand out in the wider world. He went on to add: “This model of developing loads of different brands can be a great way to make money in niches during the early stages, but to genuinely build long-term value you need a brand and a real identity that people connect with – that's what we're doing with Top10.com.”