Advertisment

SumTotal acquires MindSolve

author-image
CIOL Bureau
Updated On
New Update

HYDERABAD: SumTotal Systems, talent and learning solutions provider, has acquired Gainesville, Florida-based MindSolve Technologies Inc., a privately held provider of performance management software.

Advertisment

Don Fowler, chief executive officer of SumTotal, said, "We are buying MindSolve because our strategy is to transform SumTotal by offering best-of-breed solutions for each segment of talent management, both in pure-play market opportunities as well as integrated suite opportunities"

“Once through with the initial integration activities, MindSolve will add a quarterly revenue run-rate of between $1.5 million and $2 million and generate positive cash flow from operations," he added.

Under the terms of the transaction, MindSolve shareholders will receive approximately $5.2 million in cash along with 925,000 shares of SumTotal common stock. The company will also incur additional cash obligations due to deal-related and retention expenses of approximately $1.5 million.

Dan Boccabella, general manager for MindSolve, said, "This merger, in the minds of MindSolve's shareholders and management team, gives us a worldwide distribution channel and access to the industry's leading learning solutions."

© CyberMedia News

tech-news