Clearlake Capital and Siris-Backed Constant Contact Agrees To Acquire SharpSpring
Constant Contact, an established leader in online marketing, backed by Clearlake Capital Group, L.P. and Siris Capital, announced it has signed a definitive agreement to acquire UF startup SharpSpring, Inc., a leading cloud-based sales and marketing automation platform, in an all-cash transaction valued at approximately $240 million including outstanding indebtedness.
Under the terms of the agreement, which has been unanimously approved by the members of SharpSpring’s Board of Directors, Constant Contact will acquire all the outstanding common stock of SharpSpring for $17.10 per share in cash. The purchase price represents a 21% premium over SharpSpring’s closing share price of $14.11 as of June 21, 2021. The transaction is expected to close in the third quarter of 2021 subject to customary closing conditions including SharpSpring stockholder approval.
“Today is a great day for SharpSpring and our stockholders as this transaction brings immediate and certain value at an attractive premium,” said Rick Carlson, CEO, SharpSpring. “Today is also a great day for our team and our customers, as we partner with a scale platform that brings significant added resources as we strive to deliver even greater value to SMBs. Constant Contact is the authority on digital marketing for small businesses. I am thrilled with the opportunity to bring SharpSpring’s revenue growth platform to Constant Contact’s nearly 500,000 small business customers while also further investing in and building upon SharpSpring’s strong customer and digital marketing agency base.”
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