ASG buys a piece of NetVersant

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05/04/2009
There have been some rumors about this as far back as ISC West, but I just had the first conversation on the record about NetVersant selling off pieces of the company. Joe Nuccio at ASG said he's closed on the Mid-Atlantic portion of the company. No details on the price, etc., but I'm hoping to speak with NetVersant management soon, and I may get a better feel there of how big a piece of the NetVersant pie this is. For reference right now, in the six weeks that ended Dec. 31, the Mid-Atlantic portion of the company did $420,000 in revenue, out of a total of $12 million for the company, according to papers filed with the bankruptcy court. However, everyone knows how bad the fourth quarter was, plus the company was in bankruptcy proceedings, etc. So that's probably not representative. Also, ASG told me they picked up 20 employees, but the salaries and benefits for that six weeks only amounted to $43,000, so unless everyone's making an average of $25k a year, something's wonky there. This helps ASG build their growing heft in the DC area, and fits right in with their footprint, so this makes sense on a number of levels, but this is also one of the better pieces of NetVersant's business, Joe Nuccio, said, with happy customers and a net profit even in that poor six-week period. I'll have more on the wire Thursday.