RelationServe Media Inc. closed its $49 million purchase of direct marketing services firm SendTec from TheGlobe.com Inc.
The closure comes three months after RelationServe and institutional investors like Lehman Bros. announced their intention to buy SendTec. The acquiring firm will now operate under the SendTec name.
SendTec CEO Paul Soltoff will hold that title at the newly combined firm. Michael Brauser, chairman of RelationServe, will hold that title at SendTec.
A total of 120 direct marketing employees will work at SendTec’s offices in New York and Fort Lauderdale, FL, as well as its St. Petersburg headquarters.