|RoweCom, Inc., a provider of service and e-commerce solutions for purchasing
and managing print and e-content knowledge resources, has announced that
it has signed a letter of intent to be acquired by divine, Inc., an enterprise
solutions company that delivers a combination of services, Web-based technology,
and managed applications capabilities.
The agreement provides for a stock-for-stock exchange in which RoweCom
shareholders will receive three quarters of a share of divine common stock
for each share of RoweCom. The parties had expected to sign a definitive
agreement by mid-June and complete the transaction following RoweCom shareholder
and regulatory approvals. Post-acquisition, RoweCom and its management
team will continue RoweCom's commitment to its core library and desktop
services while developing additional services, according to the announcement.
"We are excited about the opportunity to leverage our industry-leading
knowledge resource solutions within a business that has extensive expertise
in knowledge management, electronic content, and electronic services,"
said Richard Rowe, chairman of RoweCom, Inc. "As an operating division
of divine, we will be able to offer our academic, biomedical, corporate,
and government clients the best of all worlds. We will continue to provide
high-quality services, e-commerce solutions, and a broader range of content,
backed by a company that has a shared philosophy on information management,
a strong financial position, and a proven executive management team."
Source: RoweCom, Inc., Westwood, MA, 800/ROWECOM, 617/497-5800; http://www.rowe.com.