Constant Contact Down 12% After Announcing Acquisition of SinglePlatform

Constant Contact CTCT is trading lower on the session following its announcement to acquire SinglePlatform for $65 million. The company is expecting the acquisition to contribute more than $10 million in revenue for FY2013. Gail Goodman, CEO of Constant Contact said: “There are hundreds of online and mobile sites that consumers use to find local businesses and make purchase decisions. It's literally impossible for time-starved small businesses to keep up with all of them. Almost 50 percent of searches for local businesses happen without a specific business in mind1 so it's absolutely critical that small businesses are listed everywhere to ensure they are found when and where consumers are looking. SinglePlatform makes that incredibly simple – update your information once, and it's delivered to all of the important search engines, apps, directories, and review sites.” Constant Contact is trading slightly above the $17 level approximately 12% lower on the session.