Internet Capital Group ups stake in ICG Commerce

Internet Capital Group has increased its stake in ICG Commerce of King of Prussia from 64% to 76% by spending $35.3 million to acquire shares from another investor. ICG intends to acquire the additional 5% of the company owned by non-management investors. The deal would appear to value ICG Commerce at around $300 million.
ICG Commerce specializes in procurement outsourcing, helping large clients manage their "spend function". The company reported revenue growth of 28% in 2009.

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