Log On America announces acquisition in N.H.
PROVIDENCE – Log On America has announced an agreement to acquire TurboNet LLC of Claremont, N.H., an Internet access provider. According to an LOA spokesman, TurboNet has 3,000 customers. He predicted that the deal would be completed by March 1. Terms of the acquisition were not disclosed. LOA provides Internet access and telephone service in Rhode Island, Massachusetts and other New England states.
CBSI gets contract to revise pension system
PROVIDENCE – General Treasurer Paul Tavares announced that Complete Business Solutions based in Farmington, Mich., has been awarded a $16.8 million contract to modernize the state’s pension system. The system covers state employees, school teachers, and many city and town municipal employees. Tavares is quoted in The Providence Journal as saying the present system is “antiquated and relies heavily on manual procedures and paper files, which are difficult to back up.” The contract calls for CBSI to complete the overhaul of the system in 3 1/2 years. When the job is completed the system will be accessible to participating members through the World Wide Web. CBSI was the successful bidder of three competing companies, including Thermo Information Solutions (a subsidiary of Thermo Electron of Waltham, Mass.) and KPMG Peat Marwick LLP, an accounting and business consulting firm.
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Cambridge Technology sells Information Network unit
CAMBRIDGE – Cambridge Technology Partners, Inc. reported that it had sold its Information Network unit, which operates a Web site for the company, to Earth Web, Inc. for $8 million in cash and stock. The Web site which has more than 3,500 members enables information technology executives to exchange material and ideas. Earth Web operates a portal for information technology executives. Cambridge Technology also announced that it had agreed to purchase Web site sponsorships and services from Earth Web for $1 million a year over the next three years. Cambridge Technology helps companies form electronics businesses.
CMGI to buy uBid in stock exchange
ANDOVER – CMGI has agreed to buy uBid, Inc., its first purchase of an online auctioneer, according to The Boston Globe. In an exchange of stock between the two companies, it is estimated that CMGI will be paying $398 million for the acquisition. CMGI is an Internet venture fund. Ubid runs online auctions to enable businesses and consumers to buy and sell brand name products.
GTECH agrees to acquire On-Point Systems
GTECH Holdings Corporation, and On-Point Technology Systems, Inc. recently announced that they have entered into a definitive agreement under which GTECH has agreed to acquire, in a merger transaction, 100 percent of the issued and outstanding stock of On-Point. The definitive agreement calls for GTECH to pay $3 per share of On-Point, or approximately $5.2 million to be used to fund e-point Technologies, Inc., a subsidiary of On-Point formed to receive certain of it non-lottery assets.
In addition, each shareholder of On-Point stock shall have the right to receive one share of common stock of e-Point for each two shares of On-Point held by each shareholder. The transaction is subject to the satisfaction of a number of conditions, including the approval of the transaction by shareholders of On-Point and obtaining the necessary third party consents and approvals.
The On-Point acquisition is part of GTECH’s strategy for growing the company’s core lottery business while creating sustainable long-term shareholder value. The On-Point acquisition allows GTECH to expand its participation in the growing instant ticket market. The company expects the acquisition will be earnings per share neutral in its fiscal year 2001, which ends in February 2001, however GTECH expects the acquisition will be accretive beginning in the 3rd quarter of fiscal 2001.
On-Point has established itself as a leading provider of instant ticket vending machines, or ITVMS.
”We believe that there is significant opportunity to grow the instant ticket services portion of our core lottery business. The acquisition ideally positions GTECH to capitalize on changes in the global lottery retail environment while simultaneously positioning our customers to maximize a key component of their core offerings,” said William Y. O’Connor, GTECH chairman and CEO.
CNET News.com
Without waiting for interactive TV and other promised technologies, a growing number of consumers are surfing the Internet and watching their TVs at the same time, according to a recent survey. Industry research firm Dataquest said that 27 million adults used the two mediums at the same time in 1999, up from 8 million in 1998. Some 40 percent of these “telewebbers” logged on to a TV show’s Web site at least once a week, the survey found. Others use the Web to check what TV shows are scheduled while watching television.
For years, there have been promises of Net access, e-commerce and interactive programming via television, but actual products have been few. Set-top box technology that combines the Internet and television in a single device is being promoted by Microsoft Corp. and by America Online Inc. and its proposed merger partner Time Warner Inc.
