Navarre Will Acquire SpeedFC for $50M Cash and Stock
Navarre Corp. (Nasdaq: NAVR) ("Navarre"), a vertically integrated, multi-channel platform for retailers and manufacturers, has entered into a definitive agreement to acquire SpeedFC, Inc. ("SPEED"), a provider of e-commerce services to online retailers and manufacturers, for $50 million in cash and stock.
"The acquisition of SPEED rounds out our end-to-end retail distribution and e-commerce services platform and provides us with a broader base of e-commerce clients," said Richard Willis, president and CEO of Navarre. "We expect SPEED's clients to benefit from our multi-channel sales solutions, which includes retail distribution and third party logistics programs, while their SaaS (Software-as-a-Service) e-commerce platforms, and call capabilities are highly complementary to our existing business. Therefore, we anticipate significant cross-selling opportunities between the two companies. This acquisition is also the culmination of our efforts over the past two years to expand our e-commerce capabilities and to more meaningfully participate in this rapidly expanding sector."
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