Domain registrar and Web hosting providers, BlueHost (bluehost.com) and HostMonster (hostmonster.com) announced on Monday that their combined hosting platforms have surpassed 700,000 domains hosted — a 33 percent increase since September 2007.

The past few months have seen a significant growth in the two companies, resulting in 175,000 new domains hosted during the last quarter. Both Web hosts have grown their product offerings through partnerships with leading companies to include spam protection, coupons for free PPC advertising credits, shopping carts and merchant account services.

“Its easy for a small company to say they have grown by 25 percent, 50 percent or even 100 percent in a quarter when they are talking about a few thousand customers,” says Matt Heaton, CEO and founder of BlueHost and HostMonster. “What really starts turning heads is when you can say, we just grew by 175,000 domains last quarter and the first 525,000 took us 4 years.”

Heaton also announced he has launched domain registrar and hosting provider FastDomain. The ICANN accredited domain registrar plans to offer domain registration and management services along with hosting solutions