UPDATE: ICG Group Announces Procurian's Signing of a Definitive Agreement to be Acquired by Accenture for $375M

ICG Group (Nasdaq: ICGE)("ICG") today announced the execution of a definitive agreement for the saleof Procurian Inc. ("Procurian"), a leading specialist in procurementsolutions, to Accenture plc (NYSE: ACN) for $375 million in cash, subject tocertain adjustments at closing, including working capital, cash, debt andother items. Consummation of the transaction is subject to customary closingconditions and is expected to occur in the fourth quarter. ICG is expectedto realize approximately $324 million in connection with the sale. Aportion of ICG's proceeds will be held in escrow and will be subject topotential indemnification claims. ICG does not expect to owe any incometaxes in connection with the transaction. "We are very proud of Procurian's success, marked by its strong growth overthe past decade, and this transaction is a testament to the significantvalue the company is delivering to its customers," said Walter Buckley,ICG's Chief Executive Officer. "Under the outstanding leadership of CarlGuarino and the stellar team at Procurian, this company has become anindustry leader in procurement, and we look forward to watching that successcontinue as part of Accenture." ICG will emerge as a high-growth, pure-play cloud computing company, withmarket-leading positions in the public sector, compliance and insurancemarkets. ICG is transforming these sectors, bringing them into the digitalage with its cloud computing solutions. ICG will remain focused on pursuingthe tremendous opportunity offered by the rapidly-growing cloud computingmarket, which, according to the IDC, is growing at roughly six times therate of the broader software industry. ICG is well positioned to continuedriving strong growth in new and existing markets through M&A, as well ascontinued investment in sales and marketing. Additionally, ICG's Board ofDirectors has authorized the expansion of ICG's existing share repurchaseprogram, from $50 million to $150 million. To date, ICG has deployedapproximately $36 million to repurchase shares, leaving approximately $114million for repurchases under the program. "Today marks the beginning of an important new chapter for ICG. Havingworked for over a decade to build the value of Procurian, we are now excitedto unlock that value with this transaction and to execute against our growthstrategy as a pure-play cloud computing company. Given the vast marketopportunity for cloud computing, our experience in building market-leadingpositions and our strong balance sheet, we are well positioned to createstockholder value by expanding our platform," Buckley concluded. For the six months ended June 30, 2013, ICG's cloud computing businessesachieved organic revenue growth of 37% from the prior year period. Slides containing additional information about the transaction and ICG havebeen posted to the Investor Relations section of ICG's website athttp://www.icg.com/investors/events-and-presentations/ and have been filedwith the U.S. Securities and Exchange Commission on a Current Report on Form8-K. Evercore acted as financial advisor to ICG and provided a fairness opinionin connection with the transaction, and Dechert LLP acted as legal advisor. About ICG ICG is a cloud computing provider that brings the power of the cloud toindustry-specific vertical markets, including public sector, compliance andinsurance. ICG is headquartered in Radnor, Pennsylvania. For moreinformation, please go to www.icg.com. Forward-Looking Statements The statements contained in this press release that are not historical factsare forward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. These forward-looking statements involvecertain risks and uncertainties, including, but not limited to, risksassociated with the effect of economic conditions generally, capitalspending by our customers, our ability to retain existing customerrelationships and secure new ones, our ability to compete successfullyagainst alternative solutions, our ability to timely and effectively respondto technological developments, our ability to retain key personnel, ourability to have continued access to capital and to deploy capitaleffectively and on acceptable terms, our ability to maximize value inconnection with divestitures, and other risks and uncertainties detailed inICG's filings with the U.S. Securities and Exchange Commission. These andother factors may cause actual results to differ materially from thoseprojected.