New York City-based Augme Technologies Inc. (AUGT) has signed an agreement to acquire Hipcricket Inc. in a deal that’s expected to close at the end of the month. Augme, which recently completed its acquisition of Jagtag, another mobile marketing company, plans to keep Hipcricket’s team intact.
“We expect the complementary resources of Augme, JAGTAG and Hipcricket, when combined, will allow Augme to provide the most powerful best-of-breed mobile marketing solutions to global brand name leaders, backed by strong intellectual property portfolios, including patented technology and software-as-a- service, (“SaaS”) technology platforms,” Paul Arena, CEO of Augme Technologies, said in a prepared statement.
Hipcricket was founded in 2004 and is based in Kirkland, Wash. The deal, which is still subject to shareholder approval, is comprised of $6 million in cash and $38.5 million in Augme common stock along with a seperate twelve-month earn-out potential up to $27.5 million.
Augme Technologies acquires Hipcricket for $44.5M
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