24/7 Real Media Inc. has sold its broadband and professional services subsidiary IMAKE Software and Services Inc., to IMAKE's chairman/CEO Mark Schaszberger for $6.5 million in stock and cash, the company said.
Under the terms of the sale, Schaszberger will pay $500,000 in cash and the remaining $6 million in a secured note. Of the $6.5 million total price, $4 million is contingent on future revenue and is payable monthly. 24/7 Real Media will retain a 19.9 percent share in IMAKE.
The sale of IMAKE, according to Mark Naples, 24/7 Real Media's vice president of marketing, is in keeping with the company's goal of concentrating on its profitable businesses.
IMAKE, Bethesda, MD, was founded in 1993 and provides software engineering services, primarily to the telecommunications and interactive television industries. In January 2000, 24/7 Media acquired the company. IMAKE's flagship product, e.merge, provides a suite of applications applicable to interactive television, video on demand, broadband Internet and e-commerce. It also provides targeted advertising services.