Clearlake Capital, Siris-Backed Constant Contact To Acquire SharpSpring At 21% Premium

Author: Anusuya Lahiri | June 22, 2021 12:54pm

Clearlake Capital Group and Siris Capital-backed Constant Contact inked an agreement to acquire SharpSpring, Inc (NASDAQ:SHSP) in an all-cash transaction valued at $240 million, including outstanding indebtedness.
Constant Contact will acquire SharpSpring for $17.10 per share in cash. The purchase price represents a 21% premium over SharpSpring's June 21 closing share price of $14.11.
The transaction will close by the Q3 of 2021.
SharpSpring's board has unanimously approved the transaction.
SharpSpring is cloud-based revenue growth and marketing automation platform that improves the effectiveness of small businesses' (SMBs) marketing strategy.
SharpSpring generates leads, improves conversions to sales, and drives higher returns on marketing investments.
The arrangement will assist Constant Contact's SMB clients quickly and successfully engage customers throughout their journey, helping clients deliver efficient marketing-driven results.
SharpSpring beat Q1 revenue consensus by 1.1% at $7.99 million and clocked EPS loss of $(0.14).
Price action: SHSP shares are up 20% at $16.93 on the last check Tuesday.