Quotient Technology Inc., a Salt Lake City-headquartered digital promotions and media technology company, and Neptune Retail Solutions, a Jersey City, New Jersey-based omnichannel retail marketing company with a network of in-store and digital solutions, have announced that they have signed a definitive agreement to combine through Neptune’s all-cash acquisition of Quotient. Charlesbank Capital Partners, a Boston private investment firm and current majority investor of Neptune, will be the majority investor of the combined company.
Neptune’s CEO William E. Redmond Jr. will be{mprestriction ids="1,3"} CEO of the combined Neptune/Quotient business.
The transaction, which has an aggregate equity value of approximately $430 million, has been approved by Quotient’s board of directors. Under the terms of the agreement, Quotient’s shareholders will receive $4 per share in cash, representing a premium of approximately 36 percent to Quotient’s 30-day average price as of market close on June 16.
“We are pleased to enter into this transaction with Neptune and Charlesbank, which will deliver compelling, immediate and certain value to shareholders, while positioning Quotient to continue meeting the needs of its customers,” said Robert McDonald, chair of Quotient. “The board undertook a thorough review of the company’s standalone growth prospects and opportunities to maximize shareholder value and we are confident this transaction achieves that objective and is the optimal path forward for our shareholders.”
“Today’s announcement is an exciting next step in our journey in the growing retail media industry and enables us to create more scale as a combined company,” said Matt Krepsik, CEO of Quotient. “Neptune and Charlesbank are ideal partners for Quotient and we look forward to entering into this new chapter.”
“We are thrilled with the transaction and plan to seamlessly integrate Quotient’s team, product suite and retail partners with Neptune’s omnichannel network,” said Redmond. “The combination further advances our proven commitment to retailers and advertisers to drive profitable, incremental and measurable growth, while deepening relationships with and value for consumers.”
Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble, Unilever, CVS, Dollar General, Ahold Delhaize USA, Amazon and Microsoft. In addition to its Utah headquarters, it has offices across the U.S. as well as in Bangalore, Paris, London and Tel Aviv.{/mprestriction}
