Manhattan Associates Acquires

ICG sells off unit for $20 million; Manhattan gets technology plus marquee customers

Manhattan Assoc logo 57ae328cc757a

Tempe, AZ  January 2, 2003  Supply chain execution specialist Manhattan Associates has acquired from Internet Capital Group for about $20 million.

Based in Burlington, Mass., offers logistics planning and execution solutions for shippers and carriers. The provider's solutions give users the ability to buy, sell, manage and optimize transportation services.

More specifically, these solutions cover shipper and carrier management and contractual and spot procurement across various modes of transportation, including domestic and international.

Atlanta-based Manhattan said in a statement that the companies' combined offering would help bridge the gap between transportation planning and execution.

In addition to's technology and solutions, Manhattan will also be picking up a customer base that includes a host of clients in retail, consumer goods, food and grocery, high-tech and industrial, as well as such marquee accounts as Bridgestone/Firestone, Colgate-Palmolive, International Paper, Ryder System and Wal-Mart Stores.

"The combined solutions and resources of Manhattan Associates and provide the industry with the broadest suite of integrated supply chain execution solutions, which will greatly benefit our collective customers," said Richard Haddrill, Manhattan Associates' president and CEO, in announcing the acquisition.

Internet Capital Group, an investor in a variety of B2B solutions providers, said in a statement that based on the purchase price of approximately $20 million, it expected to receive net proceeds of approximately $12 million after repayment of certain outstanding debt and other costs and liabilities. Approximately $1.5 million of the net proceeds will remain in escrow for one year.