B2B publisher SmartBrief Inc. has been acquired by Future plc, parent of TV Technology, for an initial sum of $45 million, TV Technology reports.
That sum includes $32.2million in cash from existing debt facilities and $12.8 million from an issue to the vendors of 1.03 million new ordinary shares, according to the report.
In addition, there is a deferred consideration of up to $20 million based on financial targets for the year ending July 31, 2020.
SmartBrief, based in Washington, DC, publishes over 200 email newsletters in partnership with trade associations and processional societies and serves almost 6 million executives overall, its website states.
Its subject areas include business, education, finance, healthcare, marketing & advertising, retail and food and travel.
The publisher reports annual revenue of $35.1 million, according to TV Technology.
Zillah Byng-Thorne, CEO of Future, states that the acquisition will “substantially boost our presence and market position in the B2B sector and enhance our proprietary technology capabilities," TV Technology adds.