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June 27, 2007 -- (WEB HOST INDUSTRY REVIEW) -- Web services companies Website Pros (websitepros.com) and Web.com (web.com) announced on Tuesday that they have signed a definitive merger agreement. The two companies have combined annual revenues of over $117 million and over 234,000 paid subscribers.
Under the terms of the agreement, Web.com shareholders can choose to receive for every Web.com share either 0.6875 shares of Website Pros stock or $6.5233 in cash, so that the total cash paid shall equal $25 million. In the aggregate, Website Pros will issue approximately 9 million shares of Website Pros stock and pay $25 million in cash.
Website Pros will also assume all of the outstanding options to purchase common stock of Web.com at an exchange rate consistent with the value offered to holders of Web.com common stock. Based on the Tuesday's closing price of Website Pros' stock, the transaction is valued at an aggregate purchase price of approximately $129 million. The merger is expected to close during the second half of 2007.
"Web.com is highly synergistic with Website Pros from a product and services offering, market focus, and distribution channel perspective," says David Brown, president and CEO of Website Pros. "Website Pros' Do-It-For-Me Web services, outbound sales and proven lead generation partners coupled with Web.com's Do-It-Yourself web services, online marketing expertise, and complementary channel of SMB-focused partners make for a formidable player in the industry. The SMB market is very large with over 25 million SMBs in the US alone, and I am excited to work with Jeff Stibel and his excellent team ensuring that our combined organization capitalizes on this tremendous opportunity."
Read Back Issues of WHIR Magazine
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July 2009 - What am I Worth?
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May 2009 - The Blueprint for a Small Web Host
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Comment by Anonymous on Wednesday, June 27, 2007
This is one merger that makes sense. Let's just hope they can together come up with more affordable web site hosting plans for small business owners you have no clue where to start. Getting a small business online these days is truly a daunting task, despite all the available resources.