Tampa Web firm bought for $1M

TAMPA -- Magnetic Corp., a Web and mobile Web application design firm, agreed to be acquired by Bridgeline Digital Inc. (symbol: BLIN) for roughly $1 million this week.

Bridgeline Digital is a Web development firm based in Woburn, Mass. In its 2010 fiscal year, the company generated $23.6 million, and posted a small operating loss of $240,000.

Bridgeline will pay $1.03 million to acquire Magnetic, using a combination of cash, common stock, and earn-out considerations to complete the deal, a release says.