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NETSUITE BUYS LX GROUP
NetSuite has acquired the LX Group, a San Francisco-based company that in June introduced the Ignite Commerce Suite App. Besides offering e-commerce functionality, the LX line also offers support for mobile devices. This deal hasn’t exactly been announced by NetSuite. The company’s 10-Q for the June quarter, filed on August 8, contained a “Subsequent Event” that noted: “On August 2, 2011, the Company completed the purchase of substantially all of the assets of a small private company ("SPC") that provides on-demand software.”
And it gave the purchase price at $1.5 million in cash. A query to the company did not yield a name—LX is obviously not material to results. However, on August 18, NetSuite filed a Notice of Exempt Offering of Securities (Form D). That noted that “Securities valued at $1,500,000 were issued to The LX Group, Inc. upon Issuer's acquisition of substantially all of its assets.” So there you have it. I guess I’m still unsure why there was no announcement given this info is all there in the SEC files.
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