Major web metrics player WebTrends announced it will spin off from its parent company, NetIQ, in a buyout by its management, according to ClickZ. Private equity firm Francisco Partners will help out in the $94 million transaction that will leave general manager Greg Drew as the company's new president and CEO. NetIQ acquired WebTrends four years ago, back when both firms were considered to be inhabitants of the IT world. Since then, web metrics has become more and more important to marketing departments, and the requirements for NetIQ and WebTrends slowly diverged.