ING to Get Stake in Alpha Microsystems
<i> Times staff and wire reports</i>
Alpha Microsystems said Tuesday it has agreed to sell $20 million in preferred stock to ING Equity Partners, which will end up with a 42% stake in the Santa Ana computer services company after the transactions.
Alpha Microsystems will also expand its board to seven members from four and give ING the right to designate three directors.
Alpha Microsystems will use the proceeds to help finance its acquisitions plans, for working capital and to invest in Internet technology, said Jeff Dunnigan, chief financial officer.
ING Equity Partners is a New York-based equity investing firm.
