Stamford-based Affinion Group is set to acquire for $30 million a player in the online performance marketing and daily-deal space.
Affinion has signed an agreement to buy Wakefield, Mass.-based Prospectiv Direct Inc., which focuses on online performance marketing and operates the daily-deal website Eversave.
Eversave offers deals from local businesses, including restaurants, spas, family activities and retailers, to a targeted audience of affluent female consumers.
Prospectiv”™s management team and associates are expected to continue to work with the combined company.
“With the addition of Eversave to our portfolio, we have the opportunity to accelerate our vision of bringing this degree of convenience and scale into the daily-deal marketplace,” said Nathaniel Lipman, CEO of Affinion, in a statement.
“This move allows us to accelerate our growth and bring new and even more innovative services to market,” said Jere Doyle, CEO of Prospectiv, in a statement.
The transaction, which provides for an initial payment of $30 million, is subject to purchase price adjustments at closing and provides for additional earn-out and related payment arrangements if certain performance targets are realized over the next two years.
The transaction is subject to the receipt of customary regulatory approvals and is expected to close during the third quarter of 2011. Lipman said Affinion expects to finance the acquisition with available cash.
