---
title: 'Act off: Act-On acquisition by Banzai is no more'
date: '2025-06-16T16:07:39-07:00'
type: post
word_count: 261
char_count: 2066
tokens: 340
categories:
  - Portland
---

# Act off: Act-On acquisition by Banzai is no more

According to [Malia Spencer at the Portland Business Journal](https://www.bizjournals.com/portland/inno/stories/news/2025/06/16/act-on-software-banzai-acquisition-terminated.html) the planned [acquisition of Portland startup Act-On](https://siliconflorist.com/2025/01/23/act-on-software-acquired-for-53m/) — announced at the beginning of the year — has been called off.

> [The acquisition deal](https://www.bizjournals.com/portland/inno/stories/news/2025/01/23/act-on-software-acquired-banzai-bnzi.html) 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](https://www.geekwire.com/2025/banzais-53m-act-on-acquisition-falls-apart-after-funding-collapses/), 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](https://www.linkedin.com/in/diane-fraiman-63663a1/), 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](https://www.oregonlive.com/silicon-forest/2025/06/portland-software-firm-calls-off-its-53-million-sale-to-puget-sound-business.html).

[The full letter from Act-On to Banzai can be found in this SEC filing](https://ir.banzai.io/node/8796/html#ex10-1.htm).

[![](https://i0.wp.com/siliconflorist.com/wp-content/uploads/2025/06/act-on-banzai-acquisition-termination-20250606-edited.jpg?resize=769%2C996&ssl=1)](https://ir.banzai.io/node/8796/html)

This is a developing story. More news as it becomes available.

More Portland startup news
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