Care.com, the Waltham-based caregiver marketplace company that recently went public, announced late this week that it has acquired Citrus Lane, a California subscription package startup for parents, for a total value of $48.6 million.
The deal includes $22.9 million in cash and Care.com stock valued at $4.3 million, according to the filing. What's more, if Citrus Lane achieves certain milestones in 2015 and 2016, the team will receive $16.4 million in cash and $1.2 million in stock. The startup’s shareholders would also be able eligible for another $3.8 million in Care.com stock.
Citrus Lane has raised $6.6 million in venture capital and currently has more than 45,000 paying subscribers. The company pulled revenues of approximately $6 million in 2013, resulting in more than 300 percent growth over the prior year. The West Coast startup predicts that revenues will double in 2014.
Citrus Lane will continue to run under its current name as an owned subsidiary of Care.com.
