Logistics.com has announced it will sell its assets to business applications company Manhattan Associates for $20 million. The companies expect the acquisition to be completed by the end of the year.
Logistics.com, which employs 100 people, develops hosted business applications for negotiating shipment contracts with transport companies. Founded in 1989 as Princeton Transportation Consulting Group and briefly owned by Sabre Holdings, the company became Logistics.com in 2000, when ICG invested in the company.
Under ICG, which owns 97% of the company, Logistics.com was recast from a software developer into a business-to-business e-marketplace, one of many formed during the dot-com boom.
ICG expects to earn $12 million from the sale of Logistics.com, after the repayment of certain debt and other costs.