Marin Software Incorporated, a leading provider of digital marketing software for performance-driven advertisers and agencies, announced that it has completed a transaction to sell its Perfect Audience business unit to SharpSpring, Inc. SharpSpring is a global provider of affordable marketing automation delivered via a cloud-based, Software-as-a-Service (SaaS) platform.

The transaction is structured as a sale of assets and liabilities with a net cash purchase price of approximately $4.6 million prior to transaction costs. As part of the transaction, SharpSpring has acquired the key assets and liabilities of Perfect Audience. Marin Software and SharpSpring will work together to ensure a smooth transition for existing Perfect Audience customers.

Marin is divesting Perfect Audience to focus on its enterprise brands across search, social, and eCommerce advertising,” said Chris Lien, Chief Executive Officer of Marin Software. “The sale strengthens Marin’s balance sheet to support ongoing investment in our cross-channel platform, helping leading brands to maximize the returns from their online advertising investments.”

Non-GAAP loss from operations excludes the effects of stock-based compensation expense, amortization of internally developed software, intangible assets, and deferred costs to obtain and fulfill contracts, impairment of goodwill and long-lived assets, capitalization of internally developed software, deferral of costs to obtain and fulfill contracts, and non-recurring costs associated with restructurings.