On Thursday, Banzai International, Inc BNZI announced that it has signed a definitive agreement to acquire Act-On Software Inc, an enterprise marketing automation platform (MAP) provider.
The aggregate merger consideration of $53.2 million will consist of common stock and pre-funded warrants exercisable for common stock, valued at $33.2 million, and a cash consideration of $20.0 million.
Act-On is an easy-to-use, intelligent marketing automation platform powered by AI and supported by an open data architecture.
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Clients like Hitachi, BestBuy, and Progressive Insurance utilize Act-On to improve lead generation, increase sales pipeline, automate customer communications, and increase return on marketing investment (ROMI).
Banzai founder and CEO Joe Davy noted that Act-On’s software complements Banzai’s suite of tools for data-driven marketers. By making customer data actionable, Act-On empowers marketers to create smart, effective programs to drive growth and increase customer lifetime value—all with exceptional speed and efficiency, Davy added.
The acquisition is projected to increase revenue by $27 million for the twelve-month period ending December 31, 2025, on a pro forma basis.
Banzai held $4.3 million in cash and equivalents as of September 30, 2024
Price Action: At the last check on Thursday, BNZI stock traded higher by 1.21% to $1.67 in the premarket session.
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