Thursday, July 7, 2011

Convio ( Nasdaq - CNVO ) -- Expands to London

Convio (CNVO $11.20) acquired privately owned Baigent Digital for $2.9 million in cash.  Baigant is based in a suburb of London, England and is a leading U.K. provider of digital fundraising services for nonprofit organizations.  The new operation approximately broke even in 2010 on $2.0 million in revenue.  Convio plans to beef up Baigant's product line with its core fundraising, email marketing, and event management systems, which could provide an immediate lift.  Marketing efforts will be accelerated, as well, to take advantage of the lack of direct online competition.  Longer term, Convio also plans to integrate its high potential customer relationship systems.  Our 2011 earnings estimate is unchanged.  Future performance is likely to be enhanced by the expansion of Convio's potential market.

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