The cash and shares purchase involves a payment of $44.3m and the issue of 50,000 options to certain M:Metrics unvested holders. Prior to the announcement, Nasdaq-listed comScore's share price closed at $23.41.
Following the acquisition, which was signed yesterday (28 May), having been approved by both the comScore board of directors and M:Metrics stockholders, M:Metrics co-founders, Will Hodgman, president and chief executive officer, and Seamus McAteer, chief product architect, will join comScore's management team.
Comscore president and chief executive Dr Magid Abraham said the acquisition made comScore an "immediate market leader" in the mobile space.
A comScore spokesman said it believed the purchase would result in enhanced revenue and cost savings, and that it intends to build a larger customer base for M:Metrics and combine the two companies' sales forces. ComScore currently claims 950 major global clients, while M:Metrics services more than 180 clients across the US, UK, Germany, France, Spain, and Italy, with offices in Seattle, San Francisco and London.
M:Metrics is currently forecasting revenues of $11-12m for 2008. ComScore said it expects M:Metrics to be profitable by the fourth quarter of 2008 and be a "significant positive contributor" to adjusted EBITDA in 2009.
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