Internet solutions provider Web.com and website building tools provider Website Pros announced on Wednesday that shareholders in both companies have approved the adoption of a merger agreement.
Common stock in both companies will be issued to Web.com's shareholders. The transaction is expected to close on September 30 or thereabouts, the companies say.
"We are excited to have the confidence of the stockholders," says David Brown, president and CEO of Website Pros. "We believe that the combination of Website Pros and Web.com will create a diversified, well-capitalized organization focused on providing the growing small business economy with a complete set of Web and marketing services designed to improve their businesses. I am enthusiastic about our combined opportunities and look forward to continuing to grow shareholder value over time."
Website Pros provides do-it-for-me website building tools, Internet marketing, lead generation and technology solutions that enable businesses to maintain an effective Internet presence. Web.com provides solutions for websites and Web services, including do-it-yourself and professional website building, website hosting, e-commerce, Web marketing, professional website design and email.
The two companies, which have combined annual revenues of over $117 million and over 234,000 paid subscribers, first announced they would merge in July.
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