ACTV Inc. said it signed a binding agreement to acquire Denver-based
Intellocity USA Inc. for $32 million in stock.
Intellocity develops interactive-television portals and provides integration
products for other interactive-television companies, ACTV said. The company's
clients have included Liberate Technologies, Wink Communications Inc., ESPN, Food.com and others.
In addition to the $32 million in stock, ACTV said it will 'make an
additional stock payment contingent upon Intellocity meeting certain performance
targets.'
Intellocity generated $8.3 million in revenue last year, ACTV said.
The deal is expected to close by the end of February.
