Divine in MarchFirst Asset-Buying Deal

02 April 2001

Ailing internet consultancy MarchFirst is selling around nineteen or twenty offices to rival Divine, according to a statement from the prospective buyer on Friday.

The offices are mostly former assets of Whittman-Hart, which merged with USWeb/CKS in December 1999 to form MarchFirst. Also included in the deal are application service provider HostOne, the i-campus training unit, venture capital division Blue Vector and a number of businesses in Asia.

Divine is paying $10 million in cash for the assets, plus an extra $60m balloon payment in five years’ time. It will acquire around 2,100 MarchFirst staff.

News source: Advertising Age - Interactive Daily