BakBone Software Acquiring E-mail Firm ColdSpark
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.
