24/7 Real Media said Thursday that it sold a majority stake of its e-mail marketing business to Naviant, a direct mail and Internet marketing services company. The new service, to be called 24/7 Mail, will combine the clients and the permission-based e-mail lists of 24/7 Real Media's U.S. division and those of Naviant, which also owns eDirect, SweepsClub.com and Data One Marketing. It will have 3,000 clients and manage more than 100 million fully permission based e-mail address files and more than 38 million U.S. Postal Service files. The unit will operate out of 24/7 Real Media's New York headquarters.
Under terms of the agreement, Naviant will pay up to $4 million for majority ownership, with $1 million paid in cash at closing and $1 million paid over the next nine months. 24/7 Real Media may also receive another $2 million over the next three years based on future gross profit. Naviant also has the option to buy the unit's remaining stake.