Selectica, Inc. (NASDAQ: SLTC) said it has reached a definitive agreement to acquire Iasta for an aggregate purchase price of one million shares of Selectica common stock and USD7m 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 the second quarter 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 USD6.00 per share on an as-converted basis.
Iasta was founded in 2000 and is based in Carmel, Indiana; executive team and staff members include more than 60 people focused on strategic sourcing, spend management, and contract management with well-established operations in the United States and London, UK.
Selectica provides a platform for enterprises worldwide to create, manage, and optimize business relationships with contracts at the core. Its website is at www.selectica.com