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bizjournals.com
ICG gets piece of Metastorm
Wednesday October 5, 4:06 pm ET
Internet Capital Group Inc. said Wednesday it has become the owner of 41.7 percent of Metastorm Inc., a Tampa, Fla., developer of business process management software.
ICG (NASDAQ: ICGE - News) obtained an interest in Metastorm as a result of Metastorm's purchase of CommerceQuest Inc., a Columbia, Md., developer of business process software in which ICG had an ownership interest. Metastorm paid for CommerceQuest with an undisclosed amount of its preferred stock.
ICG, which is based in Wayne, Pa., and invests in Internet software companies, also made an equity investment in Metastorm.
ICG Managing Director Michael Zisman, who was a member of CommerceQuest's board of directors, will be elected to Metastorm's board.
Published October 5, 2005 by the Philadelphia Business Journal |
