iNet Interactive, a company that holds the titles on some of the largest web development and discussion communities on the net, was acquired this week by a group of investors, a company press release reports.

Stoddard Hill Capital bought iNet from Aberration! Ventures, and terms of the transaction were not disclosed. Also included in the announcement was the appointment of a new President & CEO to lead iNet Interactive.

Succeeding Ryan Elledge, Troy Augustine will lead the company. He holds a engineering degree from the University of Kansas and an MBA from Stanford. Elledge will return to work at Aberration! Ventures.

It will be very interesting to see what happens here. Will iNet Interactive continue to develop and acquire web destinations? Or will the focus of the company shift as new leadership changes the direction of the firm?

does anyone have details on the transaction?