Lyris Acquired By J.L. Halsey Corporation Print | Email This | Bookmark | Subscribe
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, ďOne 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%. In 2004, net cash provided by operations was $6.8 million and had grown at a compound annual rate of 55.7% over the past three years."
Lyrisís 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. He and his wife, Jan Hanford, grew the company to a reported $12 million in sales in 2004. 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 carryforwards.
Disclosure: As of the time of this report, the founder of List-News does have an ownership position in the covered security.