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BtoB

CMGI divests stake in Engage

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Andover, Mass.--CMGI Inc. said it has divested its equity and debt ownership interests in online software provider Engage Inc. in order to focus on e-business and fulfillment. Under the agreement, CMGI transferred to Engage all of its shares of common stock in the company and canceled all of the Engage debt it held. In exchange, Engage paid CMGI $2.5 million cash, and signed a promissory note to pay an additional $6.0 million in September 2006 and earnout payments beginning in 2004. Engage also issued a warrant for the purchase of up to 9.9% of the issued and outstanding shares of its common stock, at an exercise price of 4.8 cents per share.
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