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NASDAQ listed IncrediMail that develops and markets electronic mail and other desktop software products, is the acquisition of Smilebox, United States, which develops tools to create consumer-oriented photo sharing and Scrapbook.
In accordance with the provisions of the agreement, IncrediMail will pay $ 25 million, mostly in cash, with additional payments of up to $ 15 million in earn out fees, provided certain milestones and performance conditions based. The company said that approximately 10 per cent of the purchase consideration will be held in escrow for 18 months.
According to CrunchBase profile Smilebox raised $ 14 million in funding since its inception.
Josef Mandel'bauma IncrediMail Director in her statement, said buying a Smilebox allows the company to diversify their product portfolio and increase its premium subscription base. IncrediMail offers desktop-mail and several browser toolbar and instant messaging tool.
The company also markets PhotoJoy, free applications that allow users to create personal wallpapers and screensavers using his own digital photographs.
SmileBox, which was founded in 2005 by Andrew Wright, also offers a desktop application that allows users to use personal photos and videos to create greeting cards, invitations, to slideshows, scrapbooks, photo albums and whatnot (see also Animoto, Muvee and Photobucket).
SmileBox said that more than 15 million software is installed, because the service was launched in June 2006.
IncrediMail said he expects the new tool for creating cash sales exceed $ 15 million in 2012 and be accretive EBITDA in the second half of 2012.
After closing, Smilebox will continue to operate from its offices on the basis of Redmond, which currently employs approximately 50 people.
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