Workstream finally announced the “merger” with the “US-based payroll business” revealing today the suitor as Empagio. Based on the merger agreement, Empagio will own 75% and Workstream will own 25% of the combined company. Based on Workstream’s market capitalization, this means Empagio, pre-merger, is valued at over $100 million — a valuation I find expensive especially considering the fragile state of the public markets.
Most importantly, though, my prediction as Empagio being the suitor was right and now it’s time to collect from Phil Fersht, Lisa Rowan, Lexy Martin and Stan Carpenter. Please make donations directly to the Lance Armstrong Foundation!