PeopleSoft Takes Calico For $5M
Calico will file voluntary Chapter 11 Bankruptcy as part of its plan to sell its assets to the Pleasanton, Calif.-based business software maker.
San Jose, Calif.-based Calico Commerce, Inc. Thursday says it is selling its assets to business software maker PeopleSoft for $5 million in cash.As part of the deal, Calico is filing for Chapter 11 Bankruptcy and will ask for the court's approval of the sale.
"By teaming with PeopleSoft, we are enabling our customers to continue to use best-of-breed configuration and recommendation technology with the security and backing of a large, successful software company," says Calico president and CEO James Weil. "Interactive Selling technology is an integral and indispensable component of any comprehensive enterprise software solution, and the strength of the combined offering should delight both Calico and PeopleSoft customers."
This is the second acquisition in six months by Pleasanton, Calif.-based PeopleSoft. Similar to its buyoutof Cohera's assets, PeopleSoft is expected to use Calico's interactive selling software to add to its growing cache of customer relationship management programs.
Calico says it has enough cash on hand to operate during the restructuring and asset sale process, without disrupting its customers.
In October and November, Calico cashed out some $24 million of its remaining shares of Digital River common stock, which it received in exchange for the sale of its MarketMaker assets in April 2001.
The acquisition must still approved by a San Jose U.S. Bankruptcy Court.
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