divine closes aquisition of Data Return Corporation
January 10, 2002 -- (WEB HOST INDUSTRY REVIEW) -- divine, inc. (divine.com), an integrated solution provider focused on the extended enterprise solutions, today announced that it has completed its acquisition of Dallas-based Data Return Corporation. Stockholders in Data Return, which specializes in providing high-availability managed services for companies with Microsoft-based technology applications, approved the acquisition at a meeting earlier today.
The common stock of Data Return Corporation will cease trading as of the close of business today, January 9, 2002, and will no longer be listed on the Nasdaq National Market. Pursuant to the merger agreement, each outstanding share of Data Return will be converted into the right to receive 1.9876 shares of divine's Class A Common Stock. The exchange agent will send Data Return stockholders of record written instructions for exchanging their stock certificates for certificates representing divine stock.
Sunny Vanderbeck, former Chairman and Chief Executive Officer of Data Return, will lead divine Managed Services as president, while Jim Dennedy, who has led the development and growth of divine Managed Services to date, will take on the role of Chief Operating Officer.
"With this combination, we believe divine Managed Services is poised to become one of the industry's largest players with a revenue run rate of more than $100 million in 2002," Vanderbeck said.
