Internet Capital Group sells ServiceSoft, merges units

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Wayne, Pa.--B-to-b incubator Internet Capital Group has sold portfolio company ServiceSoft Corp. to Broadbase Software Inc. in exchange for 1.3 million shares of Broadbase stock, valued at $10.2 million. The deal is a boon for ICG, which originally paid $3.8 million for its stake in ServiceSoft, which develops e-CRM software. Separately, ICG merged two of its other portfolio start-ups, FreeBorders Inc. and Applied Intranet Technologies. FreeBorders develops supply chain technologies for the retail industry; Applied Intranet develops collaborative e-business software. The moves reflect ICG's continued striving for profitability, and underscores the lean times for one of its core businesses, the development of start-ups that build b-to-b exchanges. ICG's stock is trading in the low- to mid-single digits, off a 52-week-high of $156.06.
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