Congratulations Mr Berk!
Marchex announced today that it has acquired Openlist for $6m in cash, $5m in stock and $2m in restricted stock that vests if the employees stay on and I assume hit performance targets.
Openlist was co-founded by Matthew Berk, a good friend and former Jup colleague, in 2003. In the nearly three years (it’s hard to believe that it has been that long) since founding it, Matthew and his partner Bejul, have endured a roller coaster ride through a CEO that came on and didn’t work out, a round of venture financing from a top tier VC that they ended up declining and finally the sale to Marchex (who regular readers will know I am also a fan of). The transaction is a fantastic outcome for Matthew and a fantastic outcome for Marchex, which is leading the direct navigation industry.
Brian Smith and Greg Sterling had the scoop.
