Boston-based Internet consulting firm C-bridge is merging with eXcelon, a
Burlington-Mass.-based developer of XML-based platforms and tools, in a move
that will create a new company valued at more than $100 million, with cash
reserves of about $50 million.
C-bridge Internet Solutions Inc.
iSolutions approach to e-enterprise consulting and services. Its stock was up
29 percent on the news, trading 68 cents higher at $3.02 in mid-morning
market action.
eXcelon Corp.
self-service and collaborative applications. Its stock was down 14 cents on
the news in mid-morning, trading at $2.59 a share.
The agreement represents a merger of equals, the companies said. Each
outstanding share of C-bridge common stock will be converted into the right
to receive 1.2517 shares of eXcelon common stock. The eXcelon/C-bridge
shareholders then will each own 50 percent of the combined company on a fully
diluted basis.
The new company will be called eXcelon Corp.
eXcelon Chairman and CEO Bob Goldman will serve as chairman of the board and
Lacey Brandt, eXcelon’s chief financial officer will serve as CFO for the new
company. Joe Bellini, C-bridge chairman and CEO, will assume the role of
chief executive officer.
“Our two companies align perfectly to provide XML-based solutions that enable
the integration of enterprise value chains, a market estimated to be as large
as $250 billion over the next four years ” said Bellini. “eXcelon’s XML
technology provides a strong foundation upon which companies can base their
e-business architecture (and) coupled with our expertise in vertical market
consulting and diagnostic services, (the merger) will enable us to deliver
solutions that address the business needs of key vertical industries
The new company will have more than 1,500 customers and offices in the U.S.,
UK, Germany, Netherlands, Scandinavia, Japan, Australia, Hong Kong, and
Singapore.
Object Design, a division of eXcelon that serves the object data management
market, will continue to be managed as a separate division of the combined
company.
