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CGI Holding To Acquire Proceed

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Only days after the acquisition of iProspect by a major marketing group, CGI Holding Corporation goes the other direction and intends to gobble up Proceed Interactive, which specializes in search marketing.

Proceed? They just went through a name change and were formerly called Meandaur. CGI Holding? It's the parent company of online marketing firm WebSourced, which in turn operates the search marketing division of KeywordRankings.com

Some brief details from ClickZ: Proceed to Merge with CGI. Value? In total, 1.3 million of CGI shares, half now, half based on performance over the next four years. Over-the-counter shares are currently trading at $6.15, so call it around $8 million, assuming the "restricted common stock" making up part of the deal is the same as publicly trading shares.

Some more details via a release on Search Engine Lowdown. That's Andy Beal's blog. Andy, of course, has a side gig as VP of search marketing for WebSourced.

Earlier this year, WebSourced also acquired Global Promoter, and the company has a letter of intent announced in November to merge the traditional marketing services of MarketSmart into its operations.


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