Benzinga | Jun 22, 2021 12:54PM EDT

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

* 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.