Swedish business applications provider Industrial & Financial Systems, AB (IFS) said today that it sold its Atlanta, Georgia-based Exactium unit to Pivotal Corporation (Nasdaq: PVTL) for $34 million.
The sale will consist of $9.4 million in cash, with the balance in shares of Pivotal. The agreement also calls for Pivotal to retire IFS’ debt and for IFS to license and sell Pivotal’s e-business relationship systems worldwide.
Pivotal Corporation provides Internet solutions for managing relationships between customers, employees and their business partners, while IFS is a business applications provider with offices in 63 countries around the globe.
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