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Alibaba Group and Alibaba.com Enter Into Agreement to Inject Business Management Software Division of Alisoft Into Alibaba.com

Monday, August 17, 2009

Alibaba Group and its majority-owned subsidiary Alibaba.com have entered into an agreement to inject the Business Management Software (BMS) division of Alisoft Holding Limited (“Alisoft”) into Alibaba.com. Alisoft is a wholly-owned subsidiary of Alibaba Group. The assets being injected into Alibaba.com include major application software product lines for small business and related assets of Alisoft, as well as all customer contracts and employees that are associated with the BMS division. Following approval by the board including all the independent non-executive directors, Alibaba.com has agreed to pay a total consideration of RMB208 million (US$30.5 million) in form of cash and equity incentive awards to employees being transferred. Alibaba.com will also assume all customer contracts and the associated business liabilities.

“Alibaba Group is pleased to be able to offer Alibaba.com such a high quality asset as Alisoft’s BMS Division, the industry leader in ‘Software as a Service.’ The BMS products have been developed specifically to address the emerging needs of small businesses engaging in e-commerce,” said Jack Ma, founder, chairman and chief executive officer of Alibaba Group, and chairman of the board of Alibaba.com.

Article sourced from www.businesswire.com, click here to read full story.

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