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Posts Tagged ‘iContact’

Vocus’ Stock Price Drops After iContact Purchase

After it announced last week that it had acquired email/social media marketing tool iContact for $169 million, Vocus‘ stock took a steep fall, going from more than $22 on February 28 to about $14 on the 29th. The Motley Fool offered up a reason for the decline: “Not only is that a massive acquisition for a company of Vocus’ size, but shareholders also may have thought it a high price for a company that’s expected to reduce Vocus’ 2012 earnings.

“Investors cut more than 40 percent off Vocus’ stock price during the week,” the site added.

We asked Vocus for a comment on the drop. We got the following response from the company’s CFO Steve Vintz.

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Vocus Buys iContact for $169 Million

PR software company Vocus has acquired iContact, an email and social media marketing company, for $169 million, “$91 million in cash, $9 million in common stock, and approximately $79 million in redeemable convertible preferred stock,” according to an announcement made late yesterday.

According to that release, iContact is used by 70,000 organizations. The purchase brings an email offering into its existing marketing suite.

There will be no changes to either company’s products and services, and the iContact staff will stay put in Raleigh-Durham, NC. (Vocus is based in Maryland.) IContact was founded in 2003 and has since garnered media coverage and received $50 million in venture financing.

The news came on the same day as Vocus’ earnings announcement.

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