Smart Online acquires e-commerce storefront provider iMart

Smart Online Inc., a software provider for small and medium-size businesses, has acquired iMart Corp., a provider of multi-channel e-commerce systems, for $3.4 million in cash and 205,767 shares of stock. It is Smart Online’s second acquisition this quarter.

During 2006, Smart Online will integrate iMart’s e-commerce storefront application into its OneBiz Conductor platform. Once the integration and other upgrades are completed, OneBiz Conductor will offer online accounting customer-relationship-management, e-commerce storefront, human resource management and sales force automation applications

IMart has a subscriber base of more than 17,000 small and medium-size businesses.

IMart reported net income of $714,000 on revenues of $1.7 million for the first half of this year. Had the acquisition of iMart occurred on Jan. 1, revenue for the combined entities would have totaled about $2.4 million in the first half, 250% higher than Smart Online’s reported revenues of $660,000 for the same period, Smart Online said.