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Ariba. Inc.. a leading Enterprise Spend Management (ESM) solutions provider. today announced a definitive agreement to acquire FreeMarkets. Inc.. a leading provider of Global Supply Management solutions. The merger of Ariba and FreeMarkets will combine their complementary strengths to help global customers generate even greater savings through a more robust set of Enterprise Spend Management solutions.
Under the terms of the definitive agreement. stockholders of FreeMarkets will receive 2.25 Ariba common shares and $2.00 in cash for each outstanding FreeMarkets common share. Based on the closing price of Ariba common stock on January 22. 2004. the transaction is valued at approximately $493 million.
The combined company would have approximately $360 million in annualized revenue and fees as of December 31. 2003. Ariba’s broad suite of enterprise spend management software and services will complement FreeMarkets services-based sourcing and global supply management expertise. Ariba customers will benefit from richer sourcing services and supply management knowledge while FreeMarkets customers will benefit from a broader portfolio of solutions. both in sourcing and across the ESM spectrum.