DRTV firm Millennium Direct Inc. has entered into a letter of intent to acquire all of the issued and outstanding shares of capital stock of call center companies Inteleservices Inc. and Inteleservices Canada Inc. for $5 million.
Tampa-based Inteleservices was founded in 1998, while the Ontario-based Canadian firm was founded in 2002. Ron Benson founded both companies, each of which have 144 seats. Clients include BMG Music, Cingular Wireless, Comcast Cable and Direct Merchant Bank.
At closing, $1.95 million will be paid in cash or other mutually agreeable consideration. During each of the three years following the closing an amount equal to 45% of Inteleservice’s net income will be paid. On the three year anniversary of the closing, an amount equal to the purchase price — less the closing payment and the amounts paid over the three-years — will be paid.
“This acquisition should enable us to integrate an important aspect of the direct response business, and provide a new business base for Inteleservices,” said George Balis, Millennium’s chairman and CEO, in a statement.
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