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Print Edition StoriesMonday, February 22, 2010
NaviSite lands $56M from application services business sale
By Jackie Noblett
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NaviSite Inc. announced Monday it sold its Lawson/Kronos application services business to Velocity Technology Solutions in New York for $56 million in cash.
The sale will allow Andover-based NaviSite (Nasdaq: NAVI) to focus its business on cloud-based technology services for large enterprises. Proceeds from the sale will be used to cut the company’s debt load “and provide us with more balance sheet flexibility in the future,” said NaviSite CEO Arthur Becker in a statement.
New York-based Velocity will assume NaviSite’s Lawson/Kronos customers as well as assume the lease on the Minneapolis data center where Lawson/Kronos customers’ data is held.
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