Mergers and Acquistions News
Categories: IT Services & Consulting
September 29th 2008, 14:14PM
Global service management and mobility solutions provider Astea International has announced the conclusion of a private acquisition of 826,446 shares of its newly-designated Series A Convertible Preferred Stock to its chairman, founder and chief executive officer Zack Bergreen.
For the management buy-in, the shares were priced at a total of $3 million (£1.66 million) - equal to $3.63 per share.
These preferred shares are convertible into shares of common stock at a one-to-one ratio, subject to anti-dilution procedures.
John Tobin, president of Astea International, said: ""We are very pleased to announce the recent equity investment that we have received from our founder which clearly demonstrates his confidence in the company and commitment to our success."
He added the company's efforts in product development have given it a robust competitive advantage and the key components to be successful.
Astea has offices in many areas, including Europe, Asia Pacific and the Middle East, while its corporate headquarters are situated in Horsham, Pennsylvania.
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