Think Partnership Inc., a marketing services company based in Northbrook, IL, has acquired Web Diversity Ltd., a paid search and organic search engine marketing firm located in London.
Terms of the acquisition included a $1 million cash payment to Web Diversity’s CEO Jim Banks, plus 500,000 unregistered shares of the company’s common stock. Think Partnership will also invest $500,000 in Web Diversity to assist with expansion plans for opening a new office in Hong Kong.
Banks’ shares are subject to partial forfeiture in event that Web Diversity fails to achieve certain financial performance goals. However, he may receive an additional $2 million cash earn out payment, if Web Diversity achieves future financial goals.
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