J.L. Halsey Corp. said yesterday that it will acquire e-mail marketing and software company Lyris Technologies Inc. for nearly $24 million in cash, along with a promissory note of $5.6 million.
Lyris, Berkeley, CA, will operate as a subsidiary of Halsey, Wilmington, DE, the successor to defunct NovaCare Inc. and a “company in transition,” according to its filings with the Securities and Exchange Commission.
In response to cuts in reimbursement under the Medicare program in the late 1990s, Halsey's predecessor sold all four of its operating businesses to raise cash and succeeded in repaying all of its creditors.
John Buckman, founder/president of Lyris, will resign as president but stay an adviser to the company. General manager Luis Rivera becomes president/CEO of Lyris.
Lyris' flagship product is Lyris ListManager, which helps companies design and send newsletters, offers and other opt-in e-mail campaigns to customers, members and subscribers.
Buckman founded Lyris in 1994. He and his wife, Jan Hanford, led the company as it grew from one of the original providers of e-mail discussion group software to a leading provider of e-mail marketing software and services.
Christine Blank covers online marketing and advertising, including e-mail marketing and paid search, for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters