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Article: Pittsburgh-Based Web Tech Firm to Buy Los Angeles-Based Counterpart.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 9, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Bob Starzynski, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Feb. 9--FreeMarkets said yesterday that it will buy Los Angeles software concern Adexa Inc. for $412.9 million in stock, broadening the fast-growing Downtown Internet auction house's lineup of products and services.
The deal, expected to close in the next five months, will give Adexa shareholders 17.25 million shares and options of FreeMarkets' stock, which closed yesterday at $23.94, up $4.19. The value of the deal may vary as FreeMarkets' stock price fluctuates.
Adexa, a private company with more than 370 employees, makes software products that help large companies ...