Group 1 Software and Sagent Technology, Inc. announced that they have entered into an agreement under which Group 1 will acquire the key assets of Sagent for up to $17 million, payable in cash and debt forgiveness. Concurrent with the signing of the purchase agreement, Group 1 provided Sagent with $5 million in bridge financing, secured by all of Sagent's assets. Under the terms of the bridge financing, Group 1 has agreed to lend Sagent an additional $2 million upon approval of the purchase agreement by Group 1's board of directors.
The Sagent acquisition will add significant enterprise information integration and customer data integration technologies to Group 1's core data quality and data enrichment solutions. Group 1 will add to its product offerings Sagent's extract, transformation and load (ETL) technology, which is planned to be marketed as a standalone offering and integrated with Group 1's data quality solutions. Additionally, Group 1's geospatial analysis capabilities will be enhanced with the technology of Sagent's Centrus division.
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