Philly-based corporate meeting management site StarCite, an ICG portfolio company, is acquired
Tom Paine
San Diego-based Active Network announced today it had acquired StarCite, the Philadelphia-based web-based business for managing arrangements for corporate meetings and events.
ICG, which most recently reported a 36% stake in StarCite, said its share of the proceeds would be $24.9 million, of which $15.8 million would be in cash. That would imply a value for the entire company of just under $70 million. ICG also said it will report an initial gain of $14 million on the sale, though the final proceeds could be higher.
StarCite had very strong growth in the early 2000's and was considered one of Philly's most successful internet-based businesses, but in recent years had seen slumping revenues and losses. It indicated earlier last year that it was looking for other investors or a possible acquirer. Other past investors had included TPG Growth, Norwest Venture Partners and TL Ventures.
Active Network describes itself as "the leading provider of organization-based cloud computing applications--serving the business events, community activities, outdoors and sports markets". It trades on the NYSE under the symbol ACTV and has a market value of over $700 million.
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