Data security firm BakBone Software yesterday announced it is acquiring e-mail marketing software and infrastructure provider ColdSpark in a deal worth $15.9 million.
Under the terms of the agreement, San Diego, CA-based BakBone will pay $8.1 million in cash and 18 million common shares with a deemed value of $7.8 million over three years, the company said in a statement.
At closing, BakBone will pay $750,000 in cash and issue 9.1 million common shares, which will be subject to certain selling restrictions, the company said.
"This acquisition provides BakBone with a strong entree into the rapidly-growing enterprise message management market," said Jim Johnson, president and chief executive officer, BakBone, in a statement.
Scott Brown, co-founder and chief technology officer, ColdSpark, will join BakBone Software as the General Manager of BakBone's new message management division.
“With this transaction, ColdSpark will have the resources necessary to realize the full potential of our technology and bring a broader set of products to a larger customer base much faster," said Brown in a statement.
Broomfield, CO-based ColdSpark’s flagship product—the SparkEngine Open Mail Transport Platform—allows companies to manage their messaging in house.
