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ClearBlue Acquires a Majority of NaviSite
September 12, 2002 Outsourced IT managed services and professional services ClearBlue Technologies Inc. through its subsidiaries ClearBlue Technologies Equity and ClearBlue Finance.
ClearBlue has acquired HP Financial Services? 3.2 million NaviSite shares and $55 million convertible debt position, as well as CMGI?s 76 percent equity and $10 million convertible notes, giving ClearBlue 79 percent of NaviSite?s current equity. If ClearBlue were to convert the notes being acquired, it would own 94 percent of the company?s outstanding equity.
HPFS and CMGI will exchange their stake in NaviSite for a collective 24 percent stake in ClearBlue. NaviSite will continue to provide hosting and managed services to CMGI and some of its subsidiaries like AltaVista and YesMail, and will continue to operate independently. ClearBlue anticipates that NaviSite will remain a public company, trading on the NASDAQ Small Cap Market.
brand, success, operational excellence and extensive experience in delivering mission critical managed hosting provide a key strategic platform for ClearBlue to continue to build a strong presence in the marketplace, says Andy Ruhan, chairman and CEO of ClearBlue. combining NaviSite quality services with ClearBlue industry expertise we hope to create a strong player in a consolidating market. The addition of NaviSite to the ClearBlue family of companies helps further our objective of building an industry and market leading services and hosting company geared to the needs of mid size businesses.