Portland marketing technology company Act-On Software sold its business Thursday to Banzai International, a marketing software business headquartered on Bainbridge Island near Seattle. Banzai will pay $53 million for Act-On — $20 million in cash plus stock valued at $33 million.
Founded in 2008, Act-On was one of the best-funded startups that emerged in Portland in the wake of the Great Recession and helped establish a software cluster in the city. (Act-On started in Beaverton but later moved to Portland.) Its technology enables online marketers to target segments of their customer base with specific messages.
Act-On raised $82 million in venture capital, including a $20 million round in 2021. Thursday’s sale price — $29 million less than the capital invested in the business — illustrates that Act-On never broke through in its highly competitive market segment.
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