Act-On Software Acquired in $53.2 Million Deal by Banzai International
Deal News | Jan 23, 2025 | Voyager Capital LLC
Banzai International Inc., a Seattle-based company specializing in marketing technology, has acquired Portland’s Act-On Software in a deal valued at $53.2 million. The transaction consists of $33.2 million in class A common stock and warrants, alongside $20 million in cash. Founded in 2008, Act-On rose to prominence during Portland's software boom of the 2010s, establishing itself as a key player in marketing automation technology. Act-On's tools will enhance Banzai's AI-focused product suite, aligning with its strategy to build integrated marketing solutions. Act-On's CEO, Kate Johnson, expressed enthusiasm about the merger, highlighting the complementary nature of the companies' offerings and their joint vision for AI-powered marketing solutions. Joe Davy, CEO of Banzai, echoed these sentiments, emphasizing the addition of Act-On's capabilities as instrumental in driving data-driven marketing strategies. Act-On’s operations and employees will transition fully to Banzai, retaining its Portland offices, with expectations of an extended lease. This acquisition is a significant achievement backed by venture capital firm Voyager Capital, positioning both companies for innovative growth in the marketing tech industry.
Sectors
- Software
- Marketing Technology
Geography
- United States – The article discusses a transaction involving companies based in Portland, Oregon, and Seattle, Washington, reflecting the US regional focus.
Industry
- Software – Act-On and Banzai both operate within the software industry, with a focus on marketing automation and AI integration.
- Marketing Technology – The transaction centers around marketing technology solutions, particularly AI-powered tools aimed at enhancing customer engagement and data management.
Financials
- 53.2 million – Total value of the acquisition deal between Banzai and Act-On.
- 33.2 million – Value in Banzai class A common stock and warrants given in the deal.
- 20 million – Cash component of the acquisition deal.
- 93.5 million – Total funding raised by Act-On from investors prior to acquisition.
- 27 million – Projected additional revenue by the end of 2025 as expected from the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Act-On Software | Target Company | Company | A marketing automation firm based in Portland, known for AI-driven solutions. |
| Banzai International Inc. | Bidding Company | Company | A Seattle-based company providing marketing technology solutions, publicly traded on Nasdaq. |
| Voyager Capital | Investment Firm | Company | A Seattle venture capital firm supporting Act-On as a longtime investor. |
| Kate Johnson | CEO of Act-On Software | Person | CEO of Act-On who is enthusiastic about the merger with Banzai. |
| Joe Davy | CEO of Banzai International | Person | Founder and CEO of Banzai, overseeing the acquisition strategy. |
| Diane Fraiman | Managing Director at Voyager Capital | Person | Managing Director at Voyager Capital and Act-On board member. |