Sale of Touch Clarity
NewMedia SPARK plc announces the sale of Touch Clarity Limited.
NewMedia SPARK plc. today announced that Omniture, Inc. (NASDAQ: OMTR), a leading provider of online business optimization software, has completed its acquisition of privately held Touch Clarity Limited, a leading on-demand provider of automated behavioral targeting. Under the terms of the definitive agreement relating to the transaction, Omniture has agreed to pay a total consideration of up to $51.5 million (plus approximately $8.5 million in assumed vested stock options), which is comprised of the following: $16.0 million in cash at closing; up to $3.0 million in cash payable subject to an earnout based on certain revenue milestones for FY 2007; and $32.5 million to be paid in Omniture common stock or cash (or some combination of stock and cash), at Omniture's election, by November 30, 2007.
SPARK's book value for its stake in Touch Clarity at 30 September 2006 was £320,000 and the expected proceeds from the sale amount to up to £1.9 million.
Under the terms of the agreement, SPARK expects to receive approximately $986,000 in cash at closing; up to approximately $2.5 million to be paid in Omniture common stock or cash (or some combination of stock and cash), at Omniture's election, by November 30 (of which up to approximately $673,000 is to be held in escrow until July 2008), and up to approximately $224,000 in cash payable subject to an earnout based on certain revenue milestones for FY 2007.
Enquiries:
For NewMedia SPARK
Thomas Teichman, Chairman 07007 333 123
Kiko Duffy, Investment Director 020 7851 7707
Isabel Podda, Buchanan Communications 020 7466 5000
Notes to Editors:
About NewMedia SPARK plc
NewMedia SPARK is a quoted venture capital organisation based in central London focused on early stage investments in the technology, media and telecoms sectors. SPARK's portfolio has a particular emphasis on digital media, software applications, technology and communications. As an investor, SPARK expects to add significant value to its investments through active support and strategic direction. SPARK is listed on London's Alternative Investment Market.
www.newmediaspark.com.