Verticalnet Acquires Tigris
February 2, 2004 (6:24 p.m. EST)
TechWeb News
Verticalnet Inc. on Monday said it has acquired privately held Tigris Corp, a consulting company that specializes in supply chain management and strategic sourcing.
Under the terms of the merger, Verticalnet issued 1.87 million shares of its common stock, plus $3.5 million in cash. In addition, Verticalnet, a maker of spend analyst and supply management software, assumed New York-based Tigris's stock option plan and issued options to acquire 751,741 shares of Verticalnet's common stock. The transaction was effective as of Jan. 30.
The deal is expected to more than double Malvern, Penn.-based, Verticalnet's revenue in 2004, as compared to 2003. Verticalnet revenue last year was $9.6 million, according to preliminary estimates. The company is expected to report a loss of $11 million, or 70 cents, a share, for the year when it posts fourth quarter earnings Feb. 18.
"Customers are demanding a flexible combination of software and services in spend analysis, strategic sourcing, and other supply management sectors," Nathanael V. Lentz, Verticalnet president and chief execcutive, said in a statement. "This is exactly what the combination of Verticalnet and Tigris expects to provide to the marketplace."
Quelle: www.techweb.com/wire/story/TWB20040202S0018
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