Online System Services to Acquire Durand
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Online System Services, Inc. (OSS) announced today an agreement to acquire Durand Communications, Inc., a developer of online communities and electronic commerce applications, for $9.9 million in stock.
The deal requires Online System Services to issue 1,003,000 million shares of restricted common stock valued at around $9.9 million in return for all outstanding shares of privately-held Durand.
Online System Services develops turnkey products and services designed to help move broadband operators into the high-speed Internet service and local Web content business.
"Durand Communications is an ideal fit for Online System Services because it will strengthen our leadership position in the high-speed access marketplace and enhance our ability to provide critical local content and online community development to broadband operators who are offering high-speed Internet access to their subscribers," said Steve Adams, president and CEO of Online System Services, in a statement.