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Hosting and cloud services company NaviSite Inc. says that it has received a proposal from its primary investors, Atlantic Investors LLC, to buy out the remaining outstanding shares of common stock it does not already own in a deal that would be valued at about $72 million.
New York-based Atlantic Investors already owns 36.6 percent of NaviSite’s 37.68 million outstanding shares. In a letter sent on July 12, Atlantic Investors proposed buying out the remainder for a price of $3.05 per share. NaviSite (Nasdaq: NAVI) said it has formed a special committee to look into the proposal.
Andover-based NaviSite’s CEO and board member Arthur P. Becker is a managing member of Madison Technology LLC, a managing member of Atlantic. In addition, Andrew Ruhan, the chairman of NaviSite’s board, holds an equity interest in Unicorn Worldwide Holdings Limited, also a managing member of Atlantic.
In March, NaviSite promoted R. Brooks Borcherding as president of the company, from previous roles with the company as senior vice president of sales and chief revenue officer.
Founded in 1996, NaviSite announced in February that it had sold its Lawson/Kronos application services business to Velocity Technology Solutions in New York for $56 million in cash.
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