Vertoz to acquire Webimax mkt firm

Mumbai: Cloudtech company Vertoz Ltd on Wednesday said it has signed a definitive agreement to acquire 100 per cent stake of marketing automation company Webimax Llc at an enterprise value of $6.6 million (around Rs 59 crore). Under the terms of the agreement, Vertoz Inc, a wholly owned subsidiary, will acquire the business of New Jersey-based Webimax in two tranches - around 80 per cent stake for Rs 46.8 crore in the first phase and the remaining 20 per cent over the next three years, linked to clearly defined performance milestones, a company statement said. The incumbent Management of Webimax shall continue with Vertoz, it added.