Website Pros has closed on its acquisition of Atlanta-based Web.com.
Under terms of the deal, the Jacksonville-based company issued 9 million shares of stock and paid $25 million in cash to Web.com shareholders.
The combined company will operate as Website Pros (Nasdaq: WSPI). An office will be maintained in Atlanta. Website Pro shares closed at $10.72 on Tuesday.
The firms announced their plans to merge in June.
Website Pros will now have more than $122 million in annual revenues and more than 246,000 customers.
"The addition of Web.com’s people, technology and services to Website Pros is a strategic investment and a large step forward in our plans to be the premier destination for online services for the small business community," said David Brown, chairman and chief executive officer of Website Pros. "This merger unites two market leaders to create a single company with solutions that can meet the diverse Web services needs of small and medium sized businesses.”
Web.com developed patented technology related to web and e-commerce applications.
Jeffrey Stibel, former CEO of Web.com, remains with the combined company as president.
