CMGI, Inc. (Nasdaq:CMGI) announced today that it has completed its acquisition of yesmail.com (Nasdaq:YESM), a leading outsourcer of permission email marketing technologies and services. Under the approved terms of the merger, CMGI will issue .2504 shares of CMGI common stock for every share of yesmail.com common stock held on March 10, 2000. Effective immediately, yesmail.com becomes a majority-owned operating company of CMGI, joining CMGI's fast-growing arsenal of interactive marketing and advertising properties, including Engage (and its subsidiaries I/PRO and AdKnowledge), Adsmart, AdForce and Flycast.
"When we announced our agreement to acquire yesmail.com three months ago, we talked extensively about the synergies and benefits the two companies could bring to one another, and the entire CMGI network. These opportunities are even bigger today as we begin to more formally integrate yesmail.com's opt-in marketing services for the benefit of our content and e-commerce companies, including new, pending acquisitions such as uBid.com," said David Andonian, president of corporate development for CMGI. "We're excited about the opportunities ahead and look forward to leveraging yesmail's 8 million registered users and proven marketing expertise to improve monetization across the network."
Dave Tolmie, yesmail.com CEO and president added, "We are extremely pleased that our addition to the CMGI network of companies is complete. We look forward to working closely with CMGI's leading marketing and advertising companies to provide the most comprehensive interactive solution available to marketers."
Since the acquisition was announced December 14, 1999, yesmail.com has continued to experience rapid growth. During the past three months, YesMail membership has doubled to 8 million and is currently growing by more than 1 million members per month on average. yesmail.com has also added 32 new Network Partners, including Egghead.com and TRIP.com, for a current total of 90 YesMail Network Partners. Collectively, these partners represent 190 individual Web sites.
yesmail.com's revenue for the fourth quarter ended December 31, 1999 was $8.2 million, a 114% sequential increase over the $3.8 million reported for the third quarter. Total revenue for the year ended December 31, 1999 reached $15.6 million compared with $4.6 million in 1998.
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