Aug, 2003 : NaviSite Closes ClearBlue Deal, Acquires IDCs

📅 August 11, 2003 - NaviSite, Inc. (navisite.com 👉 Total Reviews: 1
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"In addition to the synergy of people and processes, this transaction is designed to make our business more transparent to our customers, employees and investors and allow them to understand the true value of the NaviSite business and strategy," said Arthur Becker, CEO of NaviSite.
Under the terms of the agreement, NaviSite immediately assumes full ownership of six of ClearBlue's 10 data centers in exchange for 1.1 million in NAVI stock as of today.
Because each data center has been set up as a separate subsidiary, the NaviSite said there are remaining contract issues to be settled with the other four facilities. Once the issues are resolved, NaviSite will acquire them without any additional consideration.
NaviSite has been operating the 10 data centers under an outsourcing agreement signed with ClearBlue in December 2002.
The company also acquired certain assets and liabilities held by ClearBlue relating to the operations of the data center subsidiaries.