Saba Software Inc., a Silicon Valley-based cloud HR company, is poised to possibly be sold, about four months after...
it agreed to pay a $1.75 million federal civil penalty to settle charges of accounting fraud.
Saba Software, which offers talent management software, said it has received "multiple indications of interest" in a potential acquisition. Its stock rose by about 30% to $8.70 on the Jan. 20 announcement, but remained approximately 40% below its high for the year.
Last September, the federal Securities and Exchange Commission charged Saba and two former executives in accounting fraud that involved falsifying timesheets to meet quarterly financial goals.
Saba Software said it would work with financial and legal advisors to evaluate the acquisition proposals and other potential opportunities compared to remaining a standalone business. Saba said that if its board pursues a sale, it could enter into an agreement before Feb. 15.
An SEC investigation determined that two company vice presidents led a scheme in which US-based managers directed consultants in India to either falsely record time they had not yet worked or intentionally fail to record hours worked to hide budget overruns from management and finance divisions. The practices allowed Saba to meet quarterly revenue and margin targets by improperly accelerating and misstating virtually all of its professional services revenue -- and a big portion of its license revenue -- during a four-year period, the SEC said in a Sept. 24 release.
Saba and the two former vice presidents settled the charges.
Saba, founded in 1997, has 735 full-time employees. The company has 31 million users and 2,200 customers in 195 countries.
Yooz, Nvoicepay join for cloud automation of accounts payable
Two cloud companies announced that they are partnering to create a platform for businesses to fully automate handling of accounts payable.
Yooz, based in Southlake, Tex., and Nvoicepay, headquartered in Beaverton, Ore., said they will join their current products and activate the two systems to enable end-to-end automation of accounts payable in the cloud.
"We are kind of two halves to the same problem," Friede said. "Together we create this complete automated workflow."
Right now, businesses and their vendors or other partners can feed electronic or paper documents into the Yooz portal. The invoices can be fed into the system with a dedicated YoozBox cloud scanner, via email routed to Yooz, or by taking a picture with an iPhone, for example. Customers can then process, approve, initiate and track payments from a Web browser.
To pay the invoice in the new platform, the data will be pushed to Nvoicepay, which has software that allows customers to pay 100% of their invoices electronically.
Williams said the joint platform rolled out to its first customer in December, and has many in pilot.
Yooz and Nvoicepay each say they have more than 1,000 customers.
Read a review of the Saba Talent Suite
See Saba's place in the Gartner Magic Quadrant
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