ClickAction Inc. has agreed to reduce, by $750,000, the remaining $1.5 million its is owed from the purchase of Elibrium, its software division sold in June.
The division was sold to a corporation owned and controlled by members of the Elibrium division for a minimum of $4.5 million.
The reduction in the sale price comes as part of a settlement reached by the two firms over a dispute about certain accounts payable and accounts receivable items included in Elibrium’s purchase of the division, ClickAction said in a statement.
Under the revised payment schedule, Elibrium agreed to make an immediate payment of $500,000 and an additional payment of $250,000 on March 1, 2002.
Elibrium, based in San Mateo, CA, further agreed to end the dispute and to release ClickAction from all known and unknown claims arising from the purchase of the software division.
The original purchase agreement provides for further payment to Palo Alto, CA-based ClickAction should Elibrium surpass mutually agreed to financial goals.
The settlement is preliminary and the two firms are in the process of negotiating a definitive agreement.
Network
