NEW YORK, NY / ACCESSWIRE / November 6, 2018 / Shares of Inuvo were skyrocketing on Monday as the company announced that it would be acquired by ConversionPoint Technologies. Shares of Cisco Systems were also in the green. It was last week that Cisco announced the launch of its new IT Operations Readiness Index.
Inuvo, Inc. shares were soaring in Monday's trading session, closing the day up around 224%. The stock saw significant trading volume at roughly 22.3 million shares traded compared to an average of about 42,000 shares. Shares hit a new high of $1.55 after the company announced that it has entered into a definitive agreement to be acquired by privately held ConversionPoint Technologies, Inc. for cash-and-stock valued at approximately $2.22 per share or $75.5 million. This was well above its market price of $0.41 per share. As part of the deal, Inuvo shareholders will receive $0.45 per share in cash, and stock valued at an estimated $1.77 per share, or approximately $75.5 million in total consideration. The deal is expected to close in the first quarter of 2019. CEO of Inuvo, Rich Howe stated, "With our combined technologies, data sources and industry partners, we will be able to offer an even greater level of eCommerce transparency and sophistication across small, medium and large business segments. We see this combination allowing us to pursue a shared vision of providing more powerful solutions for eCommerce.”
Cisco Systems, Inc. shares closed up 1.45% on about 14.5 million shares traded on Monday. While there was no particular news from the technology leading company, it was last week that Cisco announced that it would be participating in the Credit Suisse 22nd Annual Technology, Media & Telecom Conference on November 27th, 2018 at 12PM PT in Arizona. It was also last week that the company announced the launch of its new IT Operations Readiness Index revealing how data is transforming the way businesses operate their IT. As said in the company's press release: "The Index surveyed more than 1,500 senior IT leaders from across the globe to understand where organizations are on their IT operations transformation journey, revealing a four-step model for IT operations maturity, focused on how organizations handle events they face." Joseph Bradley, the company's Global Vice President, IoT, Blockchain, AI, and Incubation Business stated, “Gone are the days of IT leaders relying on past monthly reports and hours upon hours of manual operational tasks to deliver results in the face of growing infrastructure complexity. Instead, fueled by data and empowered by automation, IT can operate in real-time, be predictive, and rely on detailed data to have a true seat at the table, delivering strategic value for their organization and for their customers.”
Our Actionable Research on Inuvo, Inc. (NYSE: INUV) and Cisco Systems, Inc. (NASDAQ: CSCO) can be downloaded free of charge at Research Driven Investing.
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