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ExactTarget sells for eye-popping $2.5 billion

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2013 NEWSMAKER: Scott Dorsey 2013 NEWSMAKER: Andrew Luck 2013 Newsmakers: Tony Bennett
                              &<br />Glenda Ritz 2013 NEWSMAKER: Mitch Daniels 2013 NEWSMAKER: Joe Swedish
yir-exacttarget-1col.jpg ExactTarget didn't stay public for long, attracting a huge buyout in 2013. (IBJ file photo)

ExactTarget Inc. sold for more than $2.5 billion after a bidding war among some of Silicon Valley’s biggest players.

Salesforce.com, the cloud-computing software giant based in San Francisco, beat out at least three other undisclosed suitors in June by offering a hefty 53-percent premium on ExactTarget’s publicly traded shares, barely a year after the Indianapolis digital marketer’s stock market debut.

The deal capped one of the city’s favorite success stories, which began in 2000, when brothers-in-law Scott Dorsey and Chris Baggott teamed with Peter McCormick.

The trio started selling email-marketing software out of a Greenfield business park. The firm, now headquartered in downtown Indianapolis, broadened its products to other digital marketing services over the years and acquired several smaller businesses. By the time Salesforce closed the ExactTarget deal in July, the company had grown to 1,800 employees worldwide, with more than 1,000 people working locally.

The multi-billion-dollar deal, combined with generous benefits that gave stock options to all employees, has local tech leaders predicting an entrepreneurial flurry over the next several years.

Executives have tried to assuage some concerns about ExactTarget’s future in Indianapolis, publicly saying Salesforce intends to invest in its new subsidiary. The company lists 47 local job openings, and it recently leased an additional two floors in the Century Building, one of its downtown outposts.

Salesforce spent the latter half of the year trumpeting its purchase. That included placing Dorsey and his executive team in charge of Salesforce’s entire marketing cloud, one of the company’s four main divisions. In a gesture of its confidence, Salesforce named the business unit the ExactTarget Marketing Cloud.
 

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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