Due to some sort of hiccup with the LSE RNS feed, we (like many others) didn’t get to see the rather significant news co-released with SmartFocus’ results (see Smart finish for SmartFocus) until late morning. The news being that they are to be acquired by email marketing play, Emailvision, which PE firm Francisco Partners took private (from the Alternext Paris market of NYSE Euronext) in July 2010. For the year ended 31 December 2010, Emailvision had revenues of €41.7m – nearly 3x those of SmartFocus – though pre-tax losses of €2.8m.
Emailvision is to pay 25p a share – a 60%+ premium – valuing SmartFocus at some £25.3m. It’s an agreed bid, though not a done deal. So far, Emailvision has secured commitments for nearly 52% of the shares, including those of founder and ex-CEO, Chris Underhill, and Munich-based VC firm Forum, with another near-15% on a promise. Whether the other shareholders will hang on for more remains to be seen. OK – who’s next?