On October 24, 2007, domain registrar and web hosting provider MyDomain (mydomain.com) announced it is offering its new Multi-Year transfer tool, enabling domain owners to transfer the name to MyDomain at an average price of $7.28 per year for up to nine years. The move will enable domain owners to avoid future registry price increase over the coming years.

The recently renegotiated contract between Verisign (verisign.com) and Internet Corporation for Assigned Names and Numbers (icann.org) has driven a seven percent increase in the price that registrar companies pay for a domain. As a result across the industry, consumers can anticipate low price domain registration companies to raise their pricing.

MyDomain's Multi-Year transfer tool is priced at $7.99 and adds an additional year to the user's current registration. Customers can purchase additional years starting at $6.99 plus a $0.20 IANN fee per year when transferred in bulk. Single transfers are $7.99 for the initial year and $8.95 plus a $0.20 ICANN fee for additional years.

"MyDomain offers some of the lowest price options in the entire industry -- and provides more value and free services for our customers than much higher priced registrars," said Clint Page, CEO of MyDomain. "With our new Multi-year transfer tool, users can transfer a name to MyDomain, locking in today's low pricing for nine additional years and avoiding future registry price increases. For businesses and home users who have important domain names that they know they want to keep ownership of, locking them in now for nine additional years will result in a huge cost savings in the long run."