Internet Capital Group, Inc., the company that is focused on building successful businesses in the SaaS (News - Alert), tech-enabled BPO and Internet marketing sectors by providing them with access to management expertise and strategic and operational guidance, announced that one of its core equity companies, Metastorm Inc., has entered into a definitive merger agreement with OpenText Corporation, an enterprise software company specializing in enterprise content management.

"This transaction is a testament to the strength of Metastorm's (News - Alert) products and the quality of the Metastorm team," Walter Buckley, chief executive officer of ICG said in a statement. "Additionally, it represents a significant milestone for ICG and its stockholders, as we unlock value and continue to transition to a traditional operating company," Buckley.

With a focus on enterprise visibility, resource optimization, efficiency and agility, Metastorm has been offering software for enterprise and business architecture, business process analysis, and business process management. Under the terms of this agreement, OpenText said it will acquire Metastorm for $182 million in cash. The transaction, as stated, is subject to a number of closing conditions and is expected to be completed late in the first quarter of 2011.

ICG's share of the cash proceeds related to the sale of Metastorm is said to be approximately $53 million, approximately $1.5 million of which will be subject to a customary indemnification holdback. Moreover, upon completion of this transaction, ICG believes that it can record a gain of approximately $24 million on the sale of its Metastorm stake along the release of any escrowed proceeds to ICG which is expected to add on to the gains.

In related news, TMCnet reported on Buckley’s presentation about ICG's progress, strategy and value proposition to the financial community at the 13th Annual Needham Growth Conference held on January 11, 2011.

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