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Bridgeline Digital Inc. announced in a press release Tuesday it has bought some of the assets of TMX Interactive Inc. for $1.7 million in cash, debt, earn-out and deferred revenue, in a bid to expand its business into the Philadelphia region.
Woburn-based Bridgeline (Nasdaq: BLIN), founded in 2001, develops web management software and applications. TMX, founded in 1999, provides IT services including web application development and design. Bridgeline’s stock remained essentially flat on Tuesday, closing at a share price of $1.25, after the announcement.
According to Bridgeline’s press release:
TMX Interactive had annual sales of approximately $2.4 million in 2009 and is headquartered just outside of Philadelphia, Pennsylvania servicing a .NET customer base that includes LG Electronics, Northwestern Mutual, PNC Bank, and Sony.
…
TMX Interactive Chief Executive Officer, Debra Brown, has joined Bridgeline as Sr. Vice President of Business Development for the Philadelphia, New Jersey, and New York regions. Co-Founder and Chief Strategy Officer, Eric Smith, has joined Bridgeline as Vice President of Business Development. Additionally, Co-Founder and Chief Technical Officer, David McMillan, has joined Bridgeline as a Vice President of Delivery.
In February, 2008, Bridgeline paid $4 million in stock and cash for Tenth Floor Inc., a content management and e-commerce software developer in Cleveland.
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