divine, inc. announced that its board of directors has authorized divine and several of its subsidiaries to file a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code. Today’s action will be taken to protect the value and viability of divine’s operations while it works to restructure its liabilities and achieve a resolution to the remaining economic issues facing the RoweCom, inc. subsidiary. divine’s subsidiary divine/Whitman-Hart, is not included in this filing. Casas, Benjamin & White LLC (CBW) will assist divine’s current management team in handling day-to-day operations. divine and CBW intend to continue to explore strategic options with Broadview International LLC including the possible sale of its assets to a well-capitalized buyer or buyers. divine is reporting approximately $25 million in unrestricted cash on hand to operate the business as various options are considered. divine has received a letter of intent from financial investment firm GTCR Golder Rauner LLC to acquire divine’s business in its entirety. Any sale of divine’s assets would be accomplished pursuant to section 363 of the Bankruptcy Code and would be subject to final approval of the Bankruptcy Court. One of divine’s top priorities is ensuring that customers are protected and that they continue to receive products, services and support. divine has retained the critical staff to ensure that its operations will continue without interruption during the Chapter 11 reorganization and sale process. www.divine.com
Day: February 24, 2003
PricewaterhouseCoopers announced the immediate availability of its Enterprise Security Architecture System (ESAS) 5.0, a web-based security knowledge management tool to help companies proactively create and promote security policies that support their organization’s business objectives. The latest version combines enhancements in functionality and design with new features, including an access control model and authentication and user management function. ESAS 5.0 allows organizations flexibility on content management across the enterprise by providing targeted access to content and support distributed content management. Groups can be created for content review, maintenance and distribution. Additionally, ESAS 5.0 has a new authentication and user management function, including integrated LDAP authentication and support for third party authentication software. ESAS can be configured to authenticate users against your corporate directory using LDAP 3.0 compliant functions. www.pwcglobal.com
Fast Search & Transfer (FAST) and Overture Services, Inc. have entered into an agreement under which Overture will acquire FAST’s Internet business unit for $70 million in cash, as well as performance-based cash incentive payments for up to $30 million over three years. Under the terms of the agreement, Overture will acquire FAST’s Internet business unit assets including FAST Web Search, AlltheWeb.com, and FAST PartnerSite products, related intellectual property rights, as well as data centers and equipment in Sacramento (USA) and London (UK). In addition, the FAST Internet business unit personnel will transfer to Overture. Overture has also licensed FAST Data Search. The agreement is subject to standard review and regulatory processes, which the two companies anticipate will be completed by April 2003. FAST will now focus on their enterprise search solutions, which is where most of their revenue has come from. www.fastsearch.com
