Divine Reviewing Options; Bankruptcy May Loom
Firm is exploring strategic options, including asset divestitures, selling of businesses or declaring bankruptcy.Divine Inc., an e-business software company formed from the acquisition of more than a dozen Internet startups, may go the way of many a dot-com bust. The Chicago-based developer of content management, collaboration and customer interaction management software announced Tuesday that it has retained Broadview International LLC to help it explore strategic options, including asset divestitures, selling of businesses or declaring bankruptcy. Divine has already sold off operations of its RoweCom Inc. subscription management business. The company had grown by acquisition over the past two years, acquiring about 15 companies, under the leadership of Andrew "Flip" Filipowski, who had formed Platinum Technology International Inc. from more than 70 companies before selling it to Computer Associates Inc. in June 1999.
Divines most recent acquisitions include search software developer Northern Light Technology LLC, marketing software company Delano Technology Corp., customer interaction management software developer Synchrony Communications Inc. and Internet services company Viant Corp.