Accenture Agrees to Acquire ICG Group Procurement Unit for $375 Million
By Tess Stynes
Accenture PLC (ACN) agreed to acquire ICG Group Inc.'s (ICGE) Procurian Inc. unit for $375 million, a deal expected to enhance the consulting and outsourcing company's capabilities in procurement outsourcing, as well as add analytics capabilities and technology assets.
Accenture has made a string of acquisitions this year including Fjord, a London-based design consultancy; Acquity Group Ltd., a digital marketing company; and Mortgage Cadence, a provider of mortgage software.
Procurian's 780 employees are expected to join Accenture.
Meanwhile, ICG Group also said its board approved an additional $100 million of stock buybacks, bringing the company's share repurchase authorization to $150 million. After the deal closes, which is expected in the fourth quarter, ICG Group will emerge as a pure-play cloud-computing company. Earlier this year ICG Group sold its stake in Channel Intelligence Inc. to Google Inc. (GOOG) as part of a realigning of its portfolio.
Accenture shares closed Wednesday at $73.51 and were inactive premarket. ICG Group shares closed at $14.02 and were halted premarket.
Write to Tess Stynes at email@example.com
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