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IncrediMail to Acquire Smilebox for

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IncrediMail Ltd. (Nasdaq: MAIL) today announced that it has signed a definitive agreement to acquire Smilebox Inc., a U.S. consumer focused photo sharing and social expression company. The acquisition adds another major product to the IncrediMail portfolio, significantly diversifying its revenue mix.

Under the terms of the agreement, IncrediMail will pay $25 million substantially in cash at closing, with additional payments of up to $15 million, if certain milestones and performance based conditions are met, payable in two installments on the seven and 14 months anniversary from closing.

Approximately 10% of the acquisition consideration will be held in escrow for 18 months.

 

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