- Clearlake Capital Group and Siris Capital-backed Constant Contact inked an agreement to acquire SharpSpring, Inc (NASDAQ:SHSP) in an all-cash transaction valued at $240 million, including outstanding indebtedness.
- Constant Contact will acquire SharpSpring for $17.10 per share in cash. The purchase price represents a 21% premium over SharpSpring's June 21 closing share price of $14.11.
- The transaction will close by the Q3 of 2021.
- SharpSpring's board has unanimously approved the transaction.
- SharpSpring is cloud-based revenue growth and marketing automation platform that improves the effectiveness of small businesses' (SMBs) marketing strategy.
- SharpSpring generates leads, improves conversions to sales, and drives higher returns on marketing investments.
- The arrangement will assist Constant Contact's SMB clients quickly and successfully engage customers throughout their journey, helping clients deliver efficient marketing-driven results.
- SharpSpring beat Q1 revenue consensus by 1.1% at $7.99 million and clocked EPS loss of $(0.14).
- Price action: SHSP shares are up 20% at $16.93 on the last check Tuesday.
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