CMGI Snags yesmail.com
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CMGI (CMGI) will issue .1252 of its shares for every share of yesmail.com. The value of the deal will depend on the trading prices of the stocks when the transaction closes, expected in March.
yesmail.com (YESM) is a Web-based direct marketing company.
yesmail.com is the latest addition sucked into CMGI's vaccum, which is already filled with leading interactive marketing and advertising properties, including Engage (ENGA) and its subsidiaries I/PRO, AdKnowledge, Adsmart, AdForce (ADFC) and Flycast (FCST).
"One of CMGI's core strengths is providing comprehensive interactive marketing solutions and yesmail.com's business is extremely complementary to this focus," said Dave Tolmie, yesmail.com's chief executive officer.
"We are thrilled to be joining forces with CMGI and believe that its extensive resources and incredible network of companies will accelerate yesmail.com's growth and add tremendous value for our clients, our YesMail Network Partners and all YesMail Members."
With more than 50 companies, CMGI Inc. represents the largest network of Internet companies in the world. The behemoth completed an unparalleled shopping spree in September, sweeping up AdForce, AdKnowledge and Flycast for close to $1.7 billion.
However, CMGI Tuesday continued its Internet expansion with the launch of CMGI Solutions, a new unit that will focus on e-business products and services. Its goal is to help enterprise clients decrease the amount of time required to launch new applications and offerings.