Nitro Investors Get $23M in Sapient Stock
A regulatory filing published yesterday showed that Boston, MA-based marketing and technology consultancy Sapient (NASDAQ: SAPE) had issued company shares worth $23.4 million in a private stock offering. According to the company, the shares were part of Sapient’s purchase last month of Nitro, an international advertising firm, for approximately $50 million in cash and stock.
Sapient shared the following statement with Xconomy: “Sapient, in connection with its acquisition of Nitro, issued shares of Sapient common stock to Nitro’s principal shareholder, Christopher Clarke, and four minority Nitro investors. As these shares were exempt from registration under SEC Regulation D, Sapient filed an SEC-required Form D to disclose the issuance of the shares. The shares constituted a portion—but were issued independent of the cash portion—of the purchase price for the acquisition.”