Logistics.com to sell assets
The developer of hosted business applications for negotiating shipment contracts with transport companies is selling its assets to Manhattan Associates for $20 million.
The companies expect the acquisition to be completed by the end of the year.
Logistics.com, which employs 100 people, develops hosted business applications for negotiating shipment contracts with transport companies. Founded in 1989 as Princeton Transportation Consulting Group and briefly owned by Sabre Holdings, the company became Logistics.com in 2000, when ICG invested in the company.
Under ICG, which owns 97 percent of the company, Logistics.com was recast from a software developer into a so-called business-to-business e-marketplace, one of many formed during the dot-com boom. Such setups were designed to let companies buy and sell goods and services to each other via the Web. Few e-marketplaces, though, have survived the technology-led downturn in the economy.
The fortunes of ICG, which held stakes in more then 80 business-to-business start-ups, rose and fell with the Internet bubble. Its shares, which traded above $200 in 1999, sank below $1 in February and have yet to resurface. The company expects to earn $12 million from the sale of Logistics.com, after the repayment of certain debt and other costs.
Among the assets Manhattan Associates gains in the deal are applications that let companies track shipments online and help trucking companies plan their routes.