Q Investments' $100-M equity investment in i2 completed

By siliconindia   |   Monday, 07 June 2004, 19:30 IST   |    2 Comments
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BANGALORE: i2 Technologies, Inc. (OTC: ITWO), a leading provider of closed-loop supply chain management solutions, today announced that the previously disclosed $100 million equity investment in i2 by an affiliate of Q Investments has closed and been funded. The equity investment expands the ownership interest of Q Investments, a private investment firm and one of i2’s significant shareholders, to approximately 140 million shares of the common stock of the company on an as converted basis. In addition, the previously announced $20 million investment in the company by i2 founder, chairman and CEO Sanjiv Sidhu has closed and been funded. Sidhu has purchased $20 million of i2 common stock at $ 0.926 per share. As a result of this transaction, Sidhu holds approximately 138 million shares of common stock of the company. The combined investments have increased i2’s cash position by approximately $120 million. i2 reported a total cash and investments position of $290 million as of March 31, 2004. As a part of the Q Investments transaction, i2 intends to expand its current Board of Directors from three to seven members. Pranav Parikh, a portfolio manager with Q Investments, is the first of the four new directors to be appointed. Q Investments is expected to nominate a second board member in the next 90 days. i2 designs and delivers an extensive breadth of industry-leading supply chain software to help companies integrate between planning and execution by constantly adapting their planning models for changing business conditions. i2’s global customer base consists of some of the world’s market leaders – including seven of the Fortune global top 10 – and spans a variety of industries including automotive, high technology, retail and consumer product goods with additional resources put towards metals, aerospace and defense, and transportation companies.