Open Market Buys FutureTense for $125 Million
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The agreement, announced late Thursday, calls for Open Market to issue approximately 7.23 million shares to FutureTense shareholders, plus 1.12 million options that can be converted into Open Market shares. The transaction is expected to be completed in the fourth quarter.
FutureTense's software is designed to track online purchases and customer buying patterns. Its customers include Netscape Netcenter, Chase Manhattan Bank and Lucent Technologies.
"I believe FutureTense and Open Market share a common vision and a passion for understanding our customers' needs and providing them with strong solutions to meet those needs," said BC Krishna, FutureTense co-founder and chief technology officer.
Under terms of the agreement, Ron Matros, president and CEO of FutureTense will become Open Market's president and chief operating officer. Krishna will join Open Market as its chief technology officer.