The company will be acquired at some point in the next year or two I predict. The question is who will acquire it and can its “integrity” be maintained thereafter.
This morning it was announced that Constant Contact had bought the company for $100 million ($65 million of which is cash). The following is verbatim is what CEO Wiley Cerilli sent out in an email this morning to “friends and family”:
I have some exciting news to share this morning. SinglePlatform has signed an agreement to be acquired by Constant Contact, a leading provider of online engagement marketing tools for small businesses and nonprofits. The deal was announced one minute ago for $100 million. The Executive team and I could not be more excited about this acquisition, and the impact it will have on our ability to help empower millions of local businesses while providing our team members with an amazing career opportunity.
From a high-level, things are going to remain the same for a while.
- The whole team is staying, including the Executive team
- We will keep our name, our service and our roadmap
- We will continue to operate out of our NYC office
- The only reporting change will be that I will now be a Vice President at Constant Contact, reporting to their CEO, Gail Goodman (Ernst & Young Innovator of the Year, Member of MIT’s Innovation Hall of Fame), and I will be member of their Executive team. Not bad for a college dropout.
I was impressed with what SinglePlatform had so far accomplished — it had built a network of some very large online brands and developed relationships with 500K SMBs. It was clear the company was going to be acquired.
Now Constant Contact adds yet another impressive tool to its box of SMB marketing products, which are becoming formidable.