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


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.

Inquirer Columnist
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
Also on
letter icon Newsletter