Spindle announced this month that it has purchased MeNetwork of Denver, Colo. in an all-stock deal potentially worth about $11.2 million.
The Scottsdale, Ariz., mobile payments company says it will integrate MeNetwork's location-based mobile marketing technology to better serve its customers. In addition to about $6.2 million worth of stock, stakeholders in MeNetwork could earn as much as $5 million extra at the end of 2016, if certain conditions are met.
Craig Page, the former chief operating officer of MeNetwork, gains a board seat at Spindle as a result of the deal, according to his LinkedIn profile. The news was first reported on the Midwestern tech blog Silicon Prairie News.
"The combination of our two solutions will result in an ideal ecosystem. Our partners will now be able to offer merchants a turnkey, full-featured, mobile commerce service that identifies and satisfies consumers looking to find the best offers and events in their immediate location," said Bill Clark, Spindle's president, in a press release.