Flycast Acquires E-Mail Management Firm InterStep
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The transaction will be accounted for as a pooling of interests. Flycast issued 480,337 shares of common stock to InterStep shareholders. Flycast shares closed Monday at $23.625.
"This acquisition adds a proven technology platform and sophisticated e-mail marketing expertise to Flycast's newly created eDispatch e-mail marketing division," said George Garrick, chairman, chief executive officer and president of Flycast. "InterStep provides a scaleable, feature-rich e-mail management infrastructure that enables Flycast to deliver sophisticated e-mail marketing solutions."
InterStep said it currently delivers more than four million targeted opt-in e-mails per day. Its clients include AnchorDesk and its parent company ZDNet, Washington Post and Newsweek Interactive, and Softbank Comdex.
InterStep and its management team, including company founders Bill Jacobson and Craig Mattson, will become part of Flycast's eDispatch e-mail marketing division.
Flycast's flagship offering is the Flycast Network, which claims to reach more than 25 million people a month, or 41 percent of the Web audience in the United States.