NEW YORK, July 13 /PRNewswire-FirstCall/ -- DoubleClick Inc. , the leading provider of data and technology solutions for marketers, advertising agencies and web publishers, announced today that the acquisition of DoubleClick by Click Holding Corp. has been completed. Click Holding Corp. is a subsidiary of private equity investment funds affiliated with Hellman & Friedman LLC and JMI Equity. DoubleClick stockholders approved the merger agreement governing the transaction at DoubleClick's annual stockholders meeting held on July 12, 2005.
"DoubleClick has a blue chip roster of customers, and DART, Performics, and Abacus are among the strongest brand names in online advertising and direct marketing," said Philip Hammarskjold, Managing Director of Hellman & Friedman LLC. "We look forward to partnering with their experienced management team in order to achieve the optimal level of growth for these businesses."
As previously announced, Kevin Ryan has stepped down as DoubleClick's CEO to pursue other opportunities. DoubleClick's TechSolutions and Data segments will now be operated separately. David Rosenblatt will continue to oversee DoubleClick's Ad Management, Email and Performics divisions as CEO of DoubleClick Digital Advertising and Email Solutions, while Brian Rainey will continue to lead the Data segment as the CEO of Abacus.
"We feel that this is positive news for our customers," said David Rosenblatt, CEO of DoubleClick Digital Advertising and Email Solutions. "With Hellman & Friedman and JMI Equity's support, we will continue to focus our efforts on digital marketing and on investing in new and better tools for our clients, both in the short and long terms."
"We believe that our employees and customers will benefit from the completion of this transaction," added Brian Rainey, CEO of Abacus. "We plan to maintain our commitment to helping catalog and specialty retail direct marketers succeed in an evolving, multi-channel world with leading data solutions."
In accordance with the terms of the merger agreement, each outstanding share of DoubleClick common stock has been converted into the right to receive $8.50 in cash. Shares of DoubleClick common stock will continue to trade on the NASDAQ National Market until the market closes on July 13, 2005 at 4:00 P.M. (EDT) in accordance with NASDAQ trading policies, although those shares will represent solely the right to receive the merger consideration of $8.50 per share. DoubleClick's existing Zero Coupon Subordinated Notes due 2023 in the principal amount of $135 million will remain outstanding, subject to the rights of the holders to require DoubleClick to repurchase such notes at par following today's transaction.
The aggregate consideration to be paid to DoubleClick stockholders is approximately $1.1 billion. As a result of the acquisition, DoubleClick will cease to be publicly traded and accordingly will no longer be listed on the NASDAQ National Market after the market closes on July 13, 2005.
DoubleClick stockholders who have stock certificates in their own name will receive instructions by mail from American Stock Transfer & Trust Company, the exchange agent for the merger, concerning how and where to forward their certificates for payment. DoubleClick stockholders should exchange their stock certificates for the merger consideration promptly following receipt of these materials. Brokers will handle conversion for those holding DoubleClick stock through a brokerage account.
About DoubleClick
DoubleClick is the leading provider of solutions for advertising agencies, marketers and web publishers to plan, execute and analyze their marketing programs. DoubleClick's marketing solutions -- online advertising, search engine marketing, affiliate marketing and email marketing, -- help clients yield the highest return on their marketing dollar. DoubleClick Inc. has global headquarters in New York City and maintains 21 offices around the world.
About Hellman & Friedman LLC
Hellman & Friedman LLC is a San Francisco-based private equity investment firm with additional offices in New York City and London. Since its founding in 1984, the Firm has raised and managed over $8 billion of committed capital and invested in approximately 50 companies. The Firm's strategy is to invest in superior business franchises and to be a value-added partner to management in select industries, including media, software, information services, financial services, energy, and professional services. Hellman & Friedman is one of the few private equity firms with a focused effort in marketing services and software industries. Hellman & Friedman has invested in and helped build outstanding companies in these sectors, such as Blackbaud, Inc. (BLKB), Digitas, Inc. (DTAS), Mitchell International, Inc., Vertafore, Inc., and Young & Rubicam. For more information on Hellman & Friedman, visit http://www.hf.com/.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in the software and business services industries. Founded in 1992, JMI has invested in over 60 companies throughout North America and has approximately $700 million of capital under management. JMI invests in growing businesses. The firm's focus is on providing the first institutional capital to self-funded companies. JMI also invests in select recapitalization and management buyout financings. Representative investments include Unica Corporation, Blackbaud, Inc., NEON Systems, Inc., META Group, Inc. (acquired by Gartner, Inc.), Jackson Hewitt, Inc., Transaction Systems Architects, Inc., Control Point Solutions, Inc., NetPro Computing, Inc., Network Intelligence Corporation and Panorama Software, Ltd. For more information on JMI Equity, visit http://www.jmiequity.com/.
Forward Looking Statements
Statements in this release regarding DoubleClick's future expectations, beliefs, goals, plans, or prospects constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including: the ability to recognize the benefits of the transaction, intense competition in DoubleClick's industry, lack of growth or decline in online advertising or marketing, changes in government regulation, failure to manage the integration of acquired companies, failure to successfully manage DoubleClick's international operations and other risks that are contained in documents and the other factors described in DoubleClick's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2005 filed with the SEC. In addition, any forward-looking statements represent DoubleClick's estimates only as of today and should not be relied upon as representing DoubleClick's estimates as of any subsequent date. DoubleClick disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this release.
DOUBLECLICK INVESTOR CONTACT: Jason McGruder,
Director, Investor Relations
212-381-5182
DOUBLECLICK PRESS CONTACT: Jennifer Miller
VP, Corporate Communications
212-381-5705
HELLMAN & FRIEDMAN CONTACT: Melissa Ma, Hellman & Friedman LLC
415-788-5111
Steve Bruce, Abernathy MacGregor Group
212-371-5999
