Raindance Buys InterAct ConferencingIn a consolidation of the Web and audio conferencing business, Raindance Communications Inc. has agreed to buy the assets of InterAct Conferencing LLC for $3.8 million in cash and $6.2 million in stock.
InterAct, Atlanta, is a reseller of Raindance's Web and audio services to more than 400 companies nationwide. The purchase will allow Louisville, CO-based Raindance to upgrade its technology and level of customer support, and boost its sales force by almost a third.
Once the acquisition closes by end of May, InterAct founder CEO Carolyn Bradfield will join Raindance as senior vice president of sales and marketing. She will report to Raindance president/CEO Paul Berberian.
A consequence of this acquisition will be the loss of Jack Blount as Raindance's chief operating officer. Blount has resigned to "pursue other opportunities."