Wizzard Software has signed the final merger agreement for the acquisition of podcasting company Webmayhem Inc., dba Liberated Syndication, which will create a podcasting distribution network. Liberated Syndication (Libsyn), founded in 2004 by four entrepreneurs, currently delivers almost two million audio and video shows per day to millions of consumers around the world.
The binding, enforceable merger agreement provides for Wizzard to issue stock and cash to the Webmayhem stockholders in exchange for all outstanding shares of Webmayhem. After the close of this material acquisition, Webmayhem will be a wholly owned subsidiary of Wizzard. Completion of the Webmayhem acquisition is subject to customary closing conditions, which will be discussed in a Current Report on Form 8-K that Wizzard will file with the Securities and Exchange Commission no later than Monday, March 5th, 2007.
Additionally, the company announced the launch of Wizzard Media, a division for its new media business. The new entity currently serves over 60 million downloads a month. Wizzard Software expects to integrate text-to-speech and speech recognition services into the Wizzard Media Network: Liberated Syndication, Switchpod, and Blast Podcast. These features are designed to provide podcast creators with tools for search engine indexing as well as transcription and blogging integration.