Magazine article Information Today

Update on Divine, Inc. (Newsbreak Update)

Magazine article Information Today

Update on Divine, Inc. (Newsbreak Update)

Article excerpt

Last month, I noted that divine, Inc. was up for auction through the U.S. bankruptcy court in Boston. The auction, said to be a marathon session that lasted some 25 hours, was held April 28-29. Final approval was given by the court on May 12. Sources for the Chicago Tribune said that four groups bid a combined total of $54 million to divvy up the company's businesses.

Most of divine's software businesses were purchased by Saratoga Partners, a New York private-equity investment firm (with a bid of $28 million for the managed services businesses, including Data Return) and San Francisco-based Golden Gate Private Equity, Inc. The other two winning bids were from New York-based Little Bear Investment, LLC and Outtask, Inc.

Sources indicated that saratoga planned to immediately resell at least two pieces of divine to other parties: the Enterprise Content Management businesses to FatWire Software and Northern Light (NL) to David Seuss' Business Drivers, Inc. Seuss, NL's founder, was the company's CEO before it was sold to divine in January 2002. Business Drivers is an executive sales consulting business that's run by Priscilla Seuss, David's wife and former vice president of sales at NL. Stay tuned for news of what's planned for the formerly popular but unprofitable search service. …

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