en.wikipedia.org/wiki/Adage,_Inc.
2 corrections found
Adage was acquired by Systems & Computer Technology Corporation for US$5 million in 1994.
This sentence appears to confuse Adage, Inc. with Adage Systems International. The graphics company was already merging with General Business Investment in 1989–1990, while SCT bought Adage Systems International in 1995, not Adage, Inc. in 1994.
Full reasoning
The available evidence contradicts this specific acquisition claim.
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Contemporaneous reporting in 1989 shows Adage taking a different path. Tech Monitor reported on July 20, 1989 that Adage Inc. had a letter of intent to merge with General Business Investment Corp.
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An SEC document quoting Adage's own 1994 Form 10-K says that in February 1990, Adage Acquisition Corp. merged with General Business Investment Corporation (GBIC). The same excerpt says Adage was not engaged in any active trade or business after that. That is inconsistent with the idea that the 1957 Boston graphics company was later bought by SCT in 1994.
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The SCT transaction seems to involve a different company: SCT's published company history says SCT bought Adage Systems International, Inc. in 1995 for a minimum of about $1.7 million in stock. Court reporting about SCT likewise describes Adage Systems as a young entrepreneurial business with a newly developed product and no installed customer base—nothing like the long-established Boston graphics hardware manufacturer described elsewhere in this article.
Taken together, the most likely explanation is that this sentence conflates Adage, Inc. with Adage Systems International, Inc.
4 sources
- ADAGE AGREES TO MERGE WITH GENERAL BUSINESS INVESTMENT - Tech Monitor
Billerica, Massachusetts-based Adage Inc has a letter of intent to merge with small conglomerate General Business Investment Corp, West Chester, Pennsylvania.
- SEC administrative proceeding exhibit quoting Adage's 1994 Form 10-K
In February, 1990 a subsidiary of Adage, known as Adage Acquisition Corp., merged with a privately held Pennsylvania company, General Business Investment Corporation ("GBIC")... Adage is not engaged in any active trade or business.
- History of Systems & Computer Technology Corp. - FundingUniverse
The following year it purchased Adage Systems International, Inc., a company with about $5 million in annual sales, for a minimum of about $1.7 million in stock.
- Wallace v. Systems Computer Technology Corp.
the acquisition of Adage Systems represented a new product development direction for SCT; 4) Adage systems did not have an installed customer base
but they were not consummated.
At least the GBIC deal was consummated. Contemporary reporting and an SEC-cited excerpt show Adage agreed to merge with General Business Investment in 1989 and completed that merger in February 1990.
Full reasoning
This blanket statement is too broad. The evidence shows that Adage's deal with GBIC (General Business Investment Corp.) did go through.
- Tech Monitor reported on July 20, 1989 that Adage had a letter of intent to merge with General Business Investment Corp.
- An SEC exhibit quoting Adage's 1994 Form 10-K states that in February 1990, Adage Acquisition Corp. merged with General Business Investment Corporation (GBIC).
So even if some other discussed combinations did not close, the article's statement that the merger talks with partners including GBIC "were not consummated" is contradicted by the later completed GBIC merger.
2 sources
- ADAGE AGREES TO MERGE WITH GENERAL BUSINESS INVESTMENT - Tech Monitor
Billerica, Massachusetts-based Adage Inc has a letter of intent to merge with small conglomerate General Business Investment Corp, West Chester, Pennsylvania.
- SEC administrative proceeding exhibit quoting Adage's 1994 Form 10-K
In February, 1990 a subsidiary of Adage, known as Adage Acquisition Corp., merged with a privately held Pennsylvania company, General Business Investment Corporation ("GBIC").