Bridgeline Digital announces intention to acquire certain assets of Stantive
Bridgeline Digital announced its intention to acquire certain assets of Stantive Technologies Group, a provider of OrchestraCMS. Bridgeline has entered into an Asset Purchase Agreement with Stantive that provides for the acquisition by the company of certain assets including all intellectual property and customer contracts of Stantive for approximately $5M in cash and assumption of $400,000 of related liabilities. The proposed acquisition of Stantive's assets is the result of a bid process conducted under the Bankruptcy and Insolvency Act in the Ontario Superior Court of Justice in Bankruptcy and Insolvency located in Toronto, Ontario. In connection with the proposed acquisition, Bridgeline made a non-refundable deposit of approximately $500,000. Subject to obtaining necessary financing and approval by the Bankruptcy Court, the company currently expects to complete the transaction on March 1, 2019. Stantive, headquartered in Kingston, Ontario, provides its OrchestraCMS software in a native Salesforce.com content management platform with customers generating monthly recurring revenue from subscription contracts of approximately $300,000, Bridgeline said.