Thursday, September 3, 2015

Calif. cloud computing firm buys Phila.'s StarCite

Active Network acquired StarCite, which provides Web-based services for businesses to manage meetings, in a deal worth $57.7 million.

Calif. cloud computing firm buys Phila.'s StarCite

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San Diego-based Active Network Inc. acquired StarCite Inc., a Philadelphia provider of Web-based services to help businesses manage meetings, in a cash-and-stock transaction valued at $57.7 million.

The acquisition, which closed Dec. 30, was announced Jan. 5.

Wayne-based ICG Group Inc., which has held a significant stake in StarCite for many years, said that it would record an initial gain of about $14 million from the sale to Active Network. Shares of ICG were up 14 cents to $8.51 in trading Thursday morning.

Shares of Active Network, which provides cloud-computing applications for business, were down 5 cents to $13.14.

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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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