ICG Group, Inc. (NASDAQ: ICGE) said it has sold Procurian Inc., a leading specialist in procurement solutions, to an affiliate of Accenture plc (NYSE: ACN) for USD375m in cash.
ICG will realize approximately USD328m for its stake in Procurian. A portion of ICG´s proceeds are being held in escrow and will be subject to potential indemnification claims; subject to any such claims, the escrowed proceeds will be released to ICG on or around December 4, 2014. ICG does not expect to owe any income taxes in connection with the transaction.
ICG brings the power of the cloud to industry-specific vertical markets, including public sector, compliance and insurance. ICG is headquartered in Radnor, Pennsylvania. For more information, please go to www.icg.com.