ANDOVER, Mass. (Dow Jones News) — Internet holding company CMGI Inc. said it has agreed to acquire AdForce Inc. in a stock swap valued at approximately $500 million. CMGI will issue 0.262 shares for every share of AdForce.
AdForce, with headquarters in New York and California, sells advertisements for Web sites and Internet companies.
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CMGI, based in Andover, said the proposed acquisition furthers the relationship established earlier this year when AdForce entered strategic partnerships with Engage and Adsmart, both of which are CMGI units.
CMGI reported net income of $23.5 million on revenue of $120 million in the nine months ended April 30. AdForce reported a net loss of $10.2 million on revenue of $4.1 million in the six months ended June 30.
