Monday, August 20, 2007
Incentra Purchases Helio Solutions For $10.3M
IT outsourcing and consulting firm Incentra Solutions Inc. announced today that it has acquired Helio Solutions Inc., a provider of IT and data center services, for some $10.3 million. Incentra said the final sales price consisted of $5 million in cash, six million restricted shares of Incentra common stock, and the issuance of an unsecured, convertible, three-year note for $770,000. Additionally, Incentra noted that the sale is subject to post-closing working capital adjustments—specifically, the sellers could receive further consideration in the form of cash and restricted stock if certain performance thresholds are met during each of the next three years. Helio, which reported approximately $75 million in sales for the fiscal year ended June 30, will become a wholly owned subsidiary of Incentra and continue to operate from its offices in Santa Clara, Calif., San Jose, Calif., San Francisco, Los Angeles and Phoenix. Incentra Solutions is headquartered in Boulder, Colo.