RESTON, Va., Oct. 31, 2013 /PRNewswire/ -- Santeon Group Inc.
(OTCBB: SANT, "Santeon") announced today that it has divested its
eBenefits Network ("eBN") to a group of investors, including Dr.
Ash Rofail, Santeon's Chief Executive Officer, for $500,000 in cash, subject to potential
post-closing purchase price adjustments. The transaction closed on
October 31, 2013.
"Divesting eBN enables Santeon to focus exclusively on its core
Agile and outsourced software development services—areas we believe
present the most compelling growth opportunities and that best
leverage the core capabilities of the Company," said Jason Frankl, independent member of the Board of
Directors. "This transaction enhances Santeon's focus on its
strategic direction and value proposition."
eBN is a cloud-based service that automates the employee
benefits enrollment process by seamlessly and securely integrating
an employer's HR system with those of their benefit insurance
carriers and providers. Under the agreement, the group will acquire
eBN's assets, including its intellectual property. Santeon will
provide to eBN personnel, accounting, IT, HR and other support
services for at least six months under a Master Services
Agreement.
About Santeon Group Inc.
Santeon Group Inc. is a
technology company headquartered in Northern Virginia with offices in Reston, Va., Tampa,
Fla., Cairo, Egypt and
Pune, India. Santeon offers
products and services to optimize federal and commercial enterprise
performance. Santeon's goal is to serve emerging markets by
providing technically superior products and solutions while
reducing the cost of ownership and deployment of these solutions
through a strong channel partner and distribution model. For more
information please visit our web site at
http://www.santeon.com.
Investor Relations Contact
Jeffrey Goldberger / Rob
Fink
KCSA Strategic Communications
212.896.1249 / 212.896.1206
jgoldberger@kcsa.com / rfink@kcsa.com
SOURCE Santeon Group Inc.