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Online video firms target small video publishing companies
Woburn content management company Bridgeline Digital Inc. has paid approximately $4.3 million for certain assets of eMagination Network LLC and eMagination Intelligence Group (IG), based in the Baltimore and Washington, D.C. markets.
Of the two groups, eMagination Network provides interactive technology services and web application development and is Microsoft Gold Certified Partner. EMagination IG is focused on delivering technology solutions to the U.S. government and counts the Department of Homeland Security, the Department of Justice and the Department of Defense among its customers.
The $4.3 million was paid for with a combination of cash, Bridgeline Digital (Nasdaq: BLIN) common stock, and earn out, with the common stock and cash to be paid when certain quarterly financial objectives are achieved over the next three years, according to Bridgeline officials.
The acquisition marks the second purchase Bridgeline has done in recent months. In May, Bridgeline 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.
Former eMagination CEO Dan Roche has joined Bridgeline as executive vice president and general manager for the Baltimore business unit and the Intelligence Group business unit.
Bridgeline paid $4 million in stock and cash for Tenth Floor Inc., a content management and e-commerce software developer in Cleveland, in February, 2008.
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