According to Malia Spencer at the Portland Business Journal the planned acquisition of Portland startup Act-On — announced at the beginning of the year — has been called off.
The acquisition deal between Portland-based Act-On Software and Seattle-based Banzai International (Nasdaq: BNZI) is dead. As a result, Banzai owes Act-On certain termination fees totaling $1.4 million, according to the Portland company.
GeekWire, which reported on the initial potential of an acquisition, had this insight from Diane Fraiman of Voyager Capital:
M&A deals typically have some twists and turns but this particular termination “is one for the record books,” said Diane Fraiman, managing director at Seattle’s Voyager Capital, one of Act-On’s investors.
“This one was just bizarre,” Fraiman said, adding that “it was very disappointing all around.”
Act-On is planning to continue operating as an independent entity, the article also notes.
The Oregonian also covered the news.
The full letter from Act-On to Banzai can be found in this SEC filing.
This is a developing story. More news as it becomes available.
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