Front Porch Digital has been acquired by a fund managed by Genuity Capital Partners for $38 million. The purchase price consisted of $33 million in cash at closing and up to an additional $5 million in royalty payments based upon future sales of Front Porch Digital software through the end of 2008. Under the terms of the transaction, all Front Porch Digital patents, intellectual property, product lines and current employees are included in the sale. Genuity Capital Partners is a Toronto-based private equity group.
Front Porch Digital will continue to operate as an independent, private corporation with headquarters in Boulder, CO. The existing management team of the company will continue to lead the business.
For more information, visit www.fpdigital.com.