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Local Tech Wire
RALEIGH, N.C. – , a Raleigh-based company that provides safety alert messaging services, is being acquired by Blackboard (Nasdaq: BBBB) in a deal worth $33 million.
The companies announced the agreement before the markets opened Monday.
Saf-T-Net has some 65 employees and provides alert services to more than 2,000 education customers in the K-12 market.
"Blackboard shares our enthusiasm for serving the needs of parents, teachers and administrators across the K-12 market," said Robert Bruce, Saf-T-Net’s chief executive officer. "We look forward to working with the Blackboard team to provide our clients and industry with an even broader selection of communication offerings and new innovations."
is based in Washington, D.C. The firm provides a variety of education services to schools and education institutions around the globe.
"Our acquisition of AlertNow broadens our mass notification offerings, extends our focus on mobile devices and creates greater value for our significantly expanded K-12 client base,” said Blackboard CEO Michael Chasen in a statement.
“The strength of AlertNow’s value proposition is evidenced by their rapid growth, and we believe its addition to Blackboard will further enhance our momentum," he added. "AlertNow has enjoyed strong renewal rates and we look forward to delivering the highest service levels to our broader base of clients.”
Blackboard, a $400 million a year venture, plans to incorporate Saf-T-Net’s messaging tools into its own messaging and notification technology.
The deal is expected to close later this month.
Blackboard forecasts that Saf-T-Net will add $5.5 million to its revenues this year and expects the transaction to reduce net income by 9 cents per share. The company expects Saf-T-Net to provide a “positive impact” on net income after this year.