Manhattan Associates acquires assets


Manhattan Associates acquires assets

Supply chain management company Manhattan Associates has signed a letter of intent to acquire's assets for $20m (£13m). The transaction is expected reach completion by the end of the year., an application service provider, helps shippers and transportation companies buy, sell, manage and optimise transportation services over land, air and sea.

Internet Capital Group, an e-business incubator with a 97% stake in the company, is backing

ICG said that it expects to earn $12m from the sale of after it repays certain debts and other costs.

Eric Peters, senior vice-president for product strategy, marketing and alliances at Manhattan Associates, said the acquisition of would allow the company to expand its foothold in the supply chain market.

After the acquisition, Manhattan Associates anticipates hiring some of's 100 employees, Peters said. spokesman Evan Eggers said that most employees were likely to become Manhattan Associates employees.

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