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GourmetMarket Acquires TargitMail

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TargitMail (Global Technology Marketing International), an email-marketing firm based in Portsmouth, New Hampshire, has been purchased by GourmetMarket for $400,000 in convertible notes and the assumption of liabilities valued at several million dollars.

In 2000, TargitMail generated more than $6 million in sales, with a staff of approximately 20. GourmetMarket CEO Noel J. Guillama is also the CEO for TargitMail. TargitMail's COO, Cindy Winthrop, resigned two weeks ago.

"The acquisition of TargitMail represents the first successful implementation of our company's new focus on acquisition of interactive marketing companies," said Guillama. "TargitMail is an exceptional example of an interactive marketing company that is using the Internet to create real value for its customers, for consumers, and for itself. With an industry-leading database approaching 27 million opt-in email addresses, TargitMail has developed and utilizes an innovative and proprietary technology that delivers highly personalized marketing messages via email to consumers that is more cost-effective for the advertiser. The value of this new acquisition is best reflected by TargitMail's dramatic growth over the last two years. TargitMail's sales increased from approximately $2 million in 1999 to over $6 million in 2000. The e-mail marketing industry has recently achieved critical mass and is projected to grow from an estimated $164 million in 2000 to approximately $7.3 billion by 2005, solidifying this channel as the critical advertising application for the future. We know that TargitMail is well positioned to capitalize on this explosive growth."

For more information about TargitMail, visit the Web Site.