httprint and Cirqit Break Off Merger/Acquisition Talks
Press release from the issuing company
9/28/01 (WhatTheyThink.com) - After long discussions and heavy negotiations, talks have broken down between httprint and Cirqit. WhatTheyThink.com reported at the end of June that the two companies were very close to an agreement for httprint to acquire Cirqit. Since then, sources say views on valuation and the post-management picture derailed the deal.
Cirqit is located in Whippany, New Jersey and is an ASP business providing systems to Fortune 2000 companies around brand management and print solutions. San Francisco based httprint provides eCommerce solutions that automate the print procurement process for print buyers and suppliers.
The two had hoped to integrate customers and technology to form a more complete solution. In June, one highly placed source said the purchase was not a fire sale of Cirqit assets, but a true value added acquisition with little overlap.
Specific reasons for terminating the discussions differ. One source said Cirqit had unrealistic valuation expectations and a very confusing board and funding picture. Sources familiar with Cirqit’s view said httprint was “trying to get something for relatively nothing.”
Cirqit has kept a low PR profile since announcing in May their inclusion as one of IBM’s suppliers in an Ariba marketplace. Executives there declined to speak on the record for this story.
httprint just returned from PRINT 01 after making several announcements including printanet and an alliance with GretagMacbeth. printanet is httprint's and KBA's new Internet-based front-end developed for the 74 Karat press. Additionally, GretagMacbeth will partner with httprint’s European location to provide software for a color management module httprint offers customers of its eCommerce solution. httprint also declined to comment on the record for this story.
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