Think Partnership gets $26.5 million financing deal
Think Partnership, a provider of e-marketing and electronic commerce services and applications, said it expects to raise $26.5 million in a private placement of stock to complete its acquisition of Litmus Media, a provider of click-fraud prevention and shopping cart technology.
Northbrook, IL-based Think Partnership, formerly known as CGI Holding Corp., said it has an agreement with institutional investors to sell Series A preferred shares convertible into the company’s common stock. Think Partnership will disclose the names of the institutional investors once its files the stock placement with the Securities and Exchange Commission, a spokesman says.
Think Partnership said it plans to use the net proceeds of about $24.8 million for general corporate purposes as well as completing the purchase of Litmus Media. Litmus Media, formerly known as Disruptive Advertising Technologies Inc., includes operating units ValidClick Inc., a provider of technology that guards against click-fraud in search engine marketing, and Second Bite LLC, which provides technology designed help web sites reduce shopping cart abandonment.
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