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Santeon Divests eBenefits Network Business
Oct 31, 2013 (01:10 PM EDT)
RESTON, Va., Oct. 31, 2013 /PRNewswire/ -- Santeon Group Inc. (OTCBB: SANT, "Santeon") announced today that it has divested its eBenefits Network ("eBN") to a group of investors, including Dr. Ash Rofail, Santeon's Chief Executive Officer, for $500,000 in cash, subject to potential post-closing purchase price adjustments. The transaction closed on October 31, 2013.
"Divesting eBN enables Santeon to focus exclusively on its core Agile and outsourced software development services—areas we believe present the most compelling growth opportunities and that best leverage the core capabilities of the Company," said Jason Frankl, independent member of the Board of Directors. "This transaction enhances Santeon's focus on its strategic direction and value proposition."
eBN is a cloud-based service that automates the employee benefits enrollment process by seamlessly and securely integrating an employer's HR system with those of their benefit insurance carriers and providers. Under the agreement, the group will acquire eBN's assets, including its intellectual property. Santeon will provide to eBN personnel, accounting, IT, HR and other support services for at least six months under a Master Services Agreement.
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