Bankrupt MarchFirst sells HostOne and East Coast offices

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MarchFirst, which has filed for bankruptcy, is to sell its HostOne business to Divine, inc., subject to court approval. Divine has agreed to cover some of HostOne’s operating shortfalls and liabilities.

MarchFirst is also selling the assets of its New York, New Jersey and Boston offices to Epic Software & Services. The cash deal includes the assumption of certain liabilities and future payments based on collection of accounts receivable and revenue generated over the next five years.

MarchFirst is also negotiating to sell other domestic and foreign business units, to pay creditors. The company continues to work closely with creditors to recover on all available assets and maximize their value.

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