Carlsbad, CA August 30, 2002 Solution provider NexPrise this week announced the sale of its interest in Amphire, a supply chain solution provider for the food service industry.
Under the terms of the agreement, NexPrise has sold all its shares of Amphire common stock for $2 million in cash to unspecified parties unaffiliated with NexPrise.
The transaction will result in a gain of approximately $1.8 million, which NexPrise will report in the quarter ending September 30, 2002. NexPrise will no longer hold a seat on the Amphire board of directors.
NexPrise, a descendent of e-marketplace operator Ventro, more recently has focused on quote management and project management tools for discrete manufacturers in the aerospace and automotive industries, where the company has about 30 customers, including such marquee accounts as Boeing, Lockheed Martin, the Budd Co. and PPG Industries.
In June, the company released a library of customizable business applications intended to automate certain paper-based processes, and NexPrise is now positioning itself as a provider of business process applications and promoting its flagship nProcess Platform.
"NexPrise has gone through a tremendous evolution over the past year, and it is important for us to stay focused and committed to selling our business process applications built on the NexPrise nProcess Platform," said Ted Drysdale, NexPrise CEO, in explaining the Amphire sale. "Though we have great respect for Amphire, our product offerings have moved in different directions, and we feel it no longer makes strategic sense for NexPrise to be involved with Amphire. They have our best wishes for success."