IceWeb buys PlanGraphics
- By Dibya Sarkar
- Nov 22, 2004
Officials at IceWeb, an e-learning company, have agreed to acquire Frankfort, Ky.-based PlanGraphics, a maker of geographic information systems, officials at the two companies announced last week.
They expect the deal, subject to certain conditions and approval by PlanGraphics shareholders, to close before the end of IceWeb's second quarter. Officials did not indicate the value of the deal, but the combined company revenue backlog exceeds $20 million.
In a prepared statement, John Signorello, IceWeb's chairman and chief executive officer, said PlanGraphics' GIS technologies and expertise complement his company's enterprise software products.
"We are particularly excited about their spatial templates for emergency preparedness, which offer a revolutionary and timely approach to effective asset management for commercial and government enterprises, and we believe will play an increasingly important role in homeland security," he said. Last year, IceWeb merged with iPlicity, a developer of Web content management software that did business with federal agencies. PlanGraphics has numerous clients in the private and public sectors, including the Army Corps of Engineer, several state agencies and some cities.
The combined company will have about 130 employees with offices in Maryland, Colorado, New York, Virginia, Kentucky, Rhode Island, the United Kingdom and China, said Diana Clark, managing director at Cove Partners, which is IceWeb's investment bank, and financial adviser for this transaction.