Vocus, a provider of cloud-based marketing and PR software, has acquired iContact, a provider of cloud-based email and social marketing software. Under the terms of the deal, which closed on February 24, 2012, Vocus acquired iContact for approximately $91 million of cash, $9 million of common stock and $79 million of redeemable convertible preferred stock, aggregating $169 million of total consideration, net of $10 million cash acquired.
Vocus and iContact customers will experience no change to their current products and services. Once integration of the iContact platform is complete later this year, customers will have the option of continuing to use a stand-alone product or upgrading to an integrated marketing.
IContact was founded in 2003 by Ryan Allis and Aaron Houghton while they were students at University of North Carolina. IContact is used by over 70,000 organizations, says Vocus.