Exit This Way
It’s not often that numbers are this forthcoming after an acquisition. But New York-based SinglePlatform, a one-stop-shop where local businesses can manage their presence on sites across the web from Foursquare to the New York Times, should be happy that the terms of its recent acquisition are being disclosed. This morning it was announced that the company, founded in 2010, has sold to email marketing provider Constant Contact for $65 million in cash “subject to certain adjustments.” The company will also get $5 million for employee retention and between another $10 million and $30 million if it meets revenue targets.
Constant Contact is a public company that launched in 1998. Constant Contact expects SinglePlatform, which manages 600,000 listings, to bring in $1 million of revenue in 2012 and $10 million in 2013.
Fresh off winning Bloomberg Businessweek’s vote for one of the country’s most promising start-ups, SinglePlatform just announced it raised $3.25 million in Series A round led by DFJ Gotham. New investor New World Ventures also jumped on board, as did existing backers like First Round Capital and RRE Ventures, responsible for the $1.2 million seed round raised last September.
SinglePlatform solves a problem so simple, we’re surprised no one’s mastered it already. Despite the fact that 89 percent of consumers look up a restaurant online before they eat there, very few restaurants have up-to-date websites. Founder & CEO Wiley Cerilli should know, he spent 10 years running sales for Seamless (now without the -web). With SinglePlatform, local businesses can publish their menu, special, events, and photos across a network of 11,000 mobile apps, and destination sites including 34,000 hotels, 620 universities, and, recently, Foodspotting.
The corporate world can keep “business casual.” But SinglePlatform’s Wiley Cerilli has another way to describe the start-up uniform. “I’m trying hard to coin the style ‘business shabby’” Mr. Cerilli told The Next Web.” How‘s the coinage catching on? “It’s not working, but I’m trying.”
Mr. Cerilli spent 10 years running sales at SeamlessWeb, the local online delivery hub/vacuum suction on Betabeat’s wallet, before launching SinglePlatform last January. His new service, which is hiring, lets restaurants upload info like menus, photos, and specials and then updates that on SinglePlatform’s hundreds of publishing partners like hotel and city guides and app developers.
So what constitutes “business shabby”?