Customer service and knowledge management software developer Primus Knowledge Solutions Inc. announced Tuesday that it has reached an agreement to buy e-service software developer Broad Daylight Inc. in a cash-and-stock deal.
Under terms of the acquisition, Primus will pay 2.09 million of its own shares plus cash equal to an additional 110,000 shares for Broad Daylight. At Primus closing price Tuesday of $1.16 a share, the deal is valued at approximately $2.55 million.
Broad Daylight, of Santa Clara, Calif., specializes in customer and employee self-service software. It also offers natural language search and knowledge management capabilities. Primus is strongest in the call center and corporate help desk markets.
"Our acquisition of Broad Daylight further strengthens Primus offerings to address the entire customer service continuum," said Michael Brochu, president and CEO of Seattle-based Primus in a statement. "The combined offerings will leverage natural language search and rules-based problem-solving technologies and will provide a complete range of options for companies looking for assisted service and self-service solutions."
The deal is expected to close by September.
Primus also reported second-quarter earnings Tuesday. Its total revenues slipped to $3.7 million from $4.2 million in the same period a year ago. License revenues plummeted to just $466,000 from $1.1 million year-to-year. The company lost $2.7 million after losing $3.2 million in the same period a year ago.