ICG makes Rightworks sale

E-commerce specialist, Internet Capital Group (ICG) has completed the sale of its stake in RightWorks, a provider of second-generation e-business applications. E-business platform, i2 Technologies has bought the company in a transaction valued at around $31.2 million. This is based on i2’s closing stock price of $6.96 on 22 August, 2001.

ICG acquired an undisclosed controlling interest in RightWorks earlier last year for $22 million and 5,778,533 million shares of ICG common stock. Walter Buckley, president and CEO of ICG, said the sale reinforces ICG’s confidence in the ability to exceed its year-end target of $200 million in liquidity.

RightWorks’ solutions and network are being incorporated into i2’s TradeMatrix Open Commerce Network, SRM solutions and content applications. The combined technologies will allow i2 customers to leverage a comprehensive procurement process for both direct and indirect materials through a single platform, significantly expand the supplier enablement services provided, and extend i2’s lead in content management and reference data solutions.

“In today’s economy, customers are looking for tangible benefits and solutions that enable them to make more cost-effective procurement decisions across the entire supply chain,” said i2 vice chairman Romesh Wadhwani. “By incorporating RightWorks’ technology, i2 will create an e-business platform for marketplaces and enterprises that offers collaboration, content and commerce, and returns hard dollar benefits to customers.”