E.piphany, Inc. (Nasdaq: EPNY) was one of the biggest technology losers Friday, closing down 32 19/64 at 47 1/2. The company said it signed a definitive agreement to acquire eClass Direct, Inc., a direct-mail marketing company, for 750,000 common shares.
The deal was worth almost $60 million at the start of trading Friday. However, by the end of the day, E.piphany shares had lost 32 percent of their value, putting the 750,000 shares at $35.6 million.
The companies said they will combine their direct-marketing services, relocating eClass Direct employees to San Mateo, California, where E.piphany is based. “EClass Direct brings to E.piphany specific expertise and knowledge regarding hosted e-mail marketing services that will supplement our own e-mail marketing solution,” said E.piphany President and Chief Executive Officer Roger Siboni.