CafePress Inc. (PRSS) announced that it has entered into an agreement to acquire privately held EZ Prints Inc., a complete deployable e-commerce platform, significantly strengthening CafePress' ability to offer its unique products and services everywhere e-commerce occurs.
CafePress stated that under the terms of the definitive merger agreement, at closing, it will acquire all of the outstanding stock of EZ Prints in exchange for about $30 million in initial cash.
The transaction also includes a single year earn-out opportunity of up to $10 million in the aggregate based on achieving revenue growth and other performance milestones. Subject to the satisfaction of various closing conditions, CafePress anticipates that the transaction will close in approximately 15 to 45 days.
Further, CafePress expects to report third quarter revenue at approximately the midpoint of the company's previously announced guidance range of $42.5 million to $45.0 million.
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