Surebridge sells itself to NaviSite

Enterprise application hosting company Surebridge Inc. last week said it will sell itself to fellow application service provider NaviSite Inc. for about US$54 million. The acquisition continues a consolidation trend in the managed applications and infrastructure market: Both NaviSite and Surebridge bulked up by buying smaller rivals. NaviSite is a survivor of the dot-com meltdown. Started by incubator CMGI in 1997, Surebridge came close to running out of money before being saved by loans and restructuring. However, combined with Surebridge, NaviSite will have more than $30 million in revenue each quarter, the company said.

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