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RealTime IT News

NaviSite Soars on Sale Talk

Shares of NaviSite soared Wednesday after the Andover, Mass., Web and applications host said it was entertaining buyout offers.

The company, which is majority-owned by Internet investor CMGI , announced this morning that it has hired investment bank Goldman, Sachs & Co., to "acquisition and other strategic alternatives."

Word of the possible sale of NaviSite was breached by CMGI chairman and CEO David Wetherell in a conference call Tuesday evening. CMGI, also based in Andover, is looking to shed "non-core" portions of its business in a fight to achieve popularity and resuscitate its moribund stock price.

Microsoft , the Redmond, Wash., software giant, also owns a minority stake in NaviSite.

At midday, shares of NAVI were up .0609, or 42 percent, to 2.047. In the last 52 weeks, the issue has been as high as 164.938 and as low as 1.188.



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