NUVO selling

Information technology management services company NUVO Network Management Inc. is being bought by Austin, Tex.-based Versata Enterprises Inc. for approximately $17.65 million in cash. Although not yet a fait accompli, the deal now effectively needs only the approval of shareholders, to whom NUVO’s board of directors have unanimously recommended the sale. “By joining the Versata family, we believe that NUVO will benefit from the leverage offered by a larger parent similarly focused on IT solutions,” says Phil Weaver, president and CEO of NUVO. “This acquisition is expected to enable a broader set of product and services offerings for our customers and to secure a continued focus on the substantial business benefits captured by customers who deploy NUVO’s IT management services.” According to the privately held Versata, NUVO will continue to operate independently within Versata’s family of software and services businesses. The proposed transaction is expected to close in February, pending shareholder and court approvals.

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