Breaking News – Selectica acquires Iasta

In the last hour or so, Iasta, the sourcing and spend management software firm has been acquired by contract management SaaS software business Selectica. They're Nasdaq quoted whereas Iasta are privately owned.

From the announcement:

  • Selectica entered into a definitive agreement to acquire Iasta for an aggregate purchase price of 1 million shares of Selectica common stock and $7 million cash. In addition, in connection with the acquisition Selectica would provide grants of options to purchase 700,000 shares of its common stock to the employees of Iasta. The deal is anticipated to close during Q2 of Selectica's current fiscal year. Lake Street Capital Markets, LLC served as the financial advisor for the transaction.
  • Signed commitments from Selectica's existing investors have been secured to fully finance the cash portion of the acquisition price through the purchase of additional shares of our equity at $6.00 per share on an as-converted basis.
  • Iasta's audited calendar year 2013 revenues were $11.0 million and operating income of $0.4 million.
More to come from us on the deal...

 

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