Atlanta-Based Proficient Systems Is Sold to N.Y. Firm
Posted June 23, 2006 1:50 a.m. EDT
NEW YORK, N.Y. — LivePerson, a provider of online conversion solutions, is acquiring Atlanta-based
, a provider of enterprise chat solutions that are designed to help companies generate money through their web sites.
LivePerson (Nasdaq: LPSN) will acquire Proficient for 2 million shares of stock. Live Person shares traded at $5.41 on June 23. An additional 2.05 million shares will awarded nine months after closing based on achievement of revenue targets. LivePerson said in a statement.
Proficient works with clients to identify and connect online sales opportunities with offline sales and service operations.
The combined company will have more than 4,000 customers, including more than 100 members of the Fortune 1000.
"This transaction brings together two category leaders with complementary business strategies, product technologies and target markets," said Robert LoCascio, LivePerson's chief executive officer. "Proficient has delivered measurable value to its customers and has a track record of success in the financial services and retail sectors. Joining forces with Proficient will increase the value that we deliver to our joint customers and equip our newly combined company with more products, resources and domain expertise."
Proficient was launched in 2000. The company raised some $11 million in venture capital. Investors included Fuqua Ventures, GIMV, Kinetic Ventures and Labrador Ventures.
"We are pleased to join forces with the LivePerson team," said Gregg Freishtat, chief executive officer of Proficient. He also is the company's founder.
"LivePerson has defined this market space and created value for their customers with their expertise and technology," Freishtat added. "I expect that customers of both companies will benefit from the resulting combination of talent and technology."