LR's Inuvo will sell
to firm in California
ConversionPoint Technologies Inc., a privately owned company based in Newport Beach, Calif., said Monday it agreed to acquire Little Rock-based Inuvo Inc., a publicly traded provider of advertising technology.
ConversionPoint agreed to pay $2.22 a share in a cash and stock transaction that values Inuvo at about $75 million based on 34.1 million shares outstanding and restricted stock units that will immediately vest on closing.
Inuvo shares closed at $1.34 a share Monday, a jump of 93 cents a share on more than 22 million shares traded.
ConversionPoint is buying Inuvo for its patented artificial intelligence software. Inuvo's customers include several Fortune 500 companies, major global brands and agencies.
ConversionPoint's customers include Canon, Logitech and Nikon.
-- David Smith
CaseStack acquired
in $255M cash deal
Fayetteville-based logistics company CaseStack has been purchased by Hub Group, a freight management company, for $255 million in cash, the companies said Monday.
During a conference call, Dave Yager, the chief executive officer of Oak Brook, Ill.-based Hub Group, said CaseStack's founder and Chief Executive Officer Dan Sanker and his management team will continue to lead the business. CaseStack employs 280 workers across its operations.
Case Stack focuses 80 percent of its business on consolidation services for companies that provide consumer-packaged goods to retailers. It focuses the remaining 20 percent in brokerage services targeting the less-than-truckload market. For the 12 months ended Sept. 30, CaseStack saw revenue of $242 million, according to a news release.
The deal is expected to close early next month if the deal passes regulatory muster and all closing conditions are met.
CaseStack moves a variety of dry goods but primarily deals in the food and beverage segment, according to the conference call.
-- John Magsam
State index climbs
2.41, ends at 436.07
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 2.41 to 436.07 Monday.
"U.S. stocks climbed on news that Warren Buffett's Berkshire Hathaway Inc. is buying close to $1 billion of his firm's own shares as investors were hunting for bargains after last month's downturn and weighing the outlook for today's midterm elections," said Chris Harkins, managing director with Raymond James & Associates in Little Rock.
Total volume for the index was 17.3 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 11/06/2018