The acquisition of San Antonio-based email marketing software company Pathwire by Pegasus Corp. One, the American subsidiary of Swedish company Sinch AB, has closed, the companies announced.
As previously reported, the companies had entered into a $1.9 billion acquisition agreement in September. The acquisition was financed through a combination of own funds, equity and debt facilities.
Sinch has spent approximately $5 billion in making eight acquisitions since March 2020. This year, the company acquired Chicago-based Inteliquent for $1.14 million in February, Australian company MessageMedia for $1.3 billion in June, and German company MessengerPeople for $48 million.
Sinch paid approximately $925 million, as well as will issue 51 million of its NASDAQ Sweden traded shares in two separate transactions within February and May 2022 to the sellers, which included Pathwire's current venture capital partners Thoma Bravo and Turn/River Capital, according to a release.
Thoma Bravo acquired a majority stake in Pathwire in 2019. Turn/ River Capital has also had stake in the company since 2017, when Pathwire initially spun out of Rackspace, as previously reported by the Business Journal.
Pathwire is expected to have yearly revenue of $132 million at the end of 2021 with a gross profit of $104 million and adjusted earnings before interest, taxes, depreciation and amortization of $55 million, as previously reported.
Pathwire provides a platform for transactions and marketing emails to more than 100,000 businesses including Lyft, Kajabi, Microsoft, Iterable, and DHL through its three products Mailgun, Mailjet and Email on Acid.
