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PE firms carve up remains of divine.

The Daily Deal

| May 02, 2003 | COPYRIGHT 2003 The Deal LLC. (Hide copyright information)Copyright

Byline: David Shabelman in San Francisco

Private equity firms Golden Gate Capital and Saratoga Capital Partners emerged from divine inc.'s bankruptcy auction Thursday, May 1, with the bulk of the software company's assets, according to sources involved in the bidding.

San Francisco-based Golden Gate paid roughly $23 million for divine's collaboration and customer interaction management business, teaming with Oak Investment Partners on the financing, a source said. Golden Gate on April 9 launched a $38 million "stalking horse" bid for all of divine. Westport, Conn.-based Oak invested $61 million in divine last year.

The collaboration unit includes …

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