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March 6, 2007

iConclude's $60 million conclusion

Posted by Tricia Duryee at 10:35 AM

Bellevue-based iConclude, which builds software that runs many of the tasks found in data centers, signed a definitive agreement today to be acquired by Opsware of Sunnyvale, Calif.

The transaction is valued about $60 million. That breaks down into about $30 million in cash and 3.39 million shares of Opsware common stock ($22.6 million, based on the recent trading price of $6.66 a share), and $7 million from iConclude's existing cash, which will be distributed to stockholders as a dividend at closing.

The acquisition is subject to customary closing conditions. Opsware said it intends to retain almost all of iConclude's employees.

With the addition of iConclude, Opsware said it will provide one of the only IT automation solutions that integrates a number of tasks, including "change management," compliance and process automation for servers, networks and storage.

In December 2004, Opsware purchased Redmond-based Rendition Networks in a $33 million deal. Rendition Networks software helped companies comply with Sarbanes-Oxley regulations by monitoring networks and recording data for auditing purposes. It also tracked changes to the network to identify all the devices connected to it, including routers, switches and firewalls.

Opsware, a public company based in Sunnyvale, Calif., was co-founded by Chairman Marc Andreessen, a founder of Netscape Communications.

iConclude most recently raised $9 million in venture capital. Its investors included: Madrona Venture Group, Greylock Partners and Shasta Ventures. In all, the company raised about $12 million.

Late last year, iConclude formed a partnership with Opsware, allowing Opsware to resell and market iConclude's platform through its worldwide field sales and channel team.

Update: Brier Dudley talks with iConclude CEO Sunny Gupta, who says the deal was too good to pass up.

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Tricia Duryee
Tricia Duryee
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