Sapient (Nasdaq: SAPE) plunged 13 3/8 to 124 1/8 Thursday after the company said it will buy rich media and broadband developer Human Code, Inc. for 755,000 shares of stock and the assumption of options. Reports valued the deal at $103 million.
“Rich media is essential to the next wave of the New Economy,” said Jerry A. Greenberg, co-chairman and co-chief executive officer.
The acquisition, Greenberg said, will allow the company to “explore the potential of rich media and broadband” and “achieve a leading position while the market is still being defined.”
Sapient provides Internet consulting services.