RealTime IT News

Cyberplex Enters ASP Market with $33 Million ProCure.com Buy

Cyberplex has agreed to acquire ProCure.com, an application service provider (ASP).

ProCure is a wholly owned subsidiary of Livingston Group, specializing in designing and operating customized e-business solutions that enable businesses to effectively manage orders using Internet technologies.

ProCure delivers a customizable, integrated, end-to-end order management service that allows businesses to create a single order receiving process.

Under the terms of the deal, Cyberplex will acquire ProCure for approximately $33 million -- $3 million in cash, $15 million in a promissory note bearing interest at prime, and the balance in Cyberplex common shares.

ProCure.com will be a wholly owned subsidiary of Cyberplex Inc. and will operate as a separate business unit. The acquisition will add another 20 employees to the current 300-strong Cyberplex staff.

"We're excited about the explosion of B2B marketplaces and the demand that this creates for ProCure.com's solutions," said Dean Hopkins, Cyberplex chief executive officer. "We are confident the combination of talents from both ProCure and Cyberplex will create one of the next great B2B companies."