The deal closed yesterday and it cost Constant Contact approximately $65 million in cash, but could also yield SinglePlatform an additional $30 million in bonuses if the entity achieves certain financial goals.
Here's what Constant Contact said in their press release:
SinglePlatform gives small business a single place to update their critical business information and delivers that information across a publishing network that reaches more than 200 million consumers per month. This network includes sites like Foursquare, New York Times, YP, and UrbanSpoon, as well as the business's social media profiles, website, and mobile site. SinglePlatform lets small businesses quickly distribute rich content so that consumers can find it at the very moment they are looking to make a purchase decision.
The SinglePlatform offering complements the current Constant Contact suite of online engagement marketing tools by helping small businesses reach and engage their next customer even earlier in the customer lifecycle.
Gail Goodman, CEO of Constant Contact comments on the acquisition of SinglePlatform:
"There are hundreds of online and mobile sites that consumers use to find local businesses and make purchase decisions. It's literally impossible for time-starved small businesses to keep up with all of them,"
"Almost 50 percent of searches for local businesses happen without a specific business in mind so it's absolutely critical that small businesses are listed everywhere to ensure they are found when and where consumers are looking. SinglePlatform makes that incredibly simple - update your information once, and it's delivered to all of the important search engines, apps, directories, and review sites."
Wiley Cerilli, CEO of SinglePlatform comments on what their platform provides and the acquisition by Constant Contact:
"The internet is shifting from a listing directory to a discovery engine,"
"The first step is making sure your listing is available wherever people are searching. The real magic happens when rich business information - menus, product photos, videos - is delivered at the moment that people are making a purchase decision. SinglePlatform's Digital Storefront is designed to do just that, getting small businesses in front of more people with the type of information that drives new customers and increased sales."
"We're thrilled to have the talented SinglePlatform team join Constant Contact. SinglePlatform is just as passionate about small business success as we have always been,"
"I look forward to introducing our half a million small business customers to their offering and sharing the benefits of our suite of engagement marketing tools with SinglePlatform's rapidly growing user base."
All of SinglePlatform's employees will become part of the Constant Contact team, but the company will still conduct business out of its New York City offices. The company is expected to add over $10 million to Constant Contact's 2013 revenues.