The business systems developer says it will acquire Exor Technologies, a Dallas-based consulting and systems integration company, in a stock swap worth $16 million.
Under the terms of the agreement, Sapient will issue 305,869 shares of its common stock to Exor's shareholders in exchange for the entire equity interest in the company, the Cambridge, Massachusetts-based company said.
Founded in 1990, Exor has made its name in implementing ERP (enterprise resource planing) systems using Oracle applications in three of Sapient's vertical markets--manufacturing, energy, and financial services.
Exor will operate as a division of Sapient, responsible for driving Sapient's growth in the implementation of ERP applications, the company said.
Founded in 1991, Sapient is a provider of information technology systems. The company's services include custom software development; package implementation; system support and maintenance; as well as business and operations consulting services.