Email list server provider Lyris Technologies, Inc. was acquired last week by J.L. Halsey Corporation (OTC Bulletin Board:JLHY.ob).
David Burt, CEO of Halsey said in the press release, “One of the reasons we found Lyris so impressive was its financial performance over the past few years. Lyris’ compound annual growth rate (CAGR) over the past three years for revenue was 37.7% and for income before tax was 53.6%.”
Lyris’s founder (John Buckman) received nearly $24 million in cash and a promissory note for $5.6 million. He will step down to take on an advisory role as current GM, Luis Rivera will assume the role of COO for Halsey. Buckman founded Lyris in 1994. Lyris is most recognized for their ListManager list hosting software that is in use by 4,000 clients.
Lyris will now operate as a subsidiary of Halsey. J.L. Halsey is the successor to NovaCare, Inc. (which was a health care service provider). Prior to this transaction, they had no operating business and $182 million in net operating loss carry forwards.