Digital Insight Recovers EscrowedShares
CALABASAS, Calif. - (07/25/06) -- Digital Insight announced Monday ithas settled legal proceedings and arbitration claims related to its2003 acquisition of Magnet Communications, allowing it to recover120,000 shares valued at $3.8 million. Under the terms of thesettlement, Digital Insight received 119,834 of its common sharesthat had been held in escrow since the Magnet deal closed inNovember 2003. The balance of the escrow will be distributed to theformer Magnet shareholders. The settlement will reduce thecompany's legal expenses and the company's shares outstanding.Digital Insight acquired Magnet, a privately held Atlanta providerof online cash management systems, for $28 million in stock and$33.5 million in cash.