RealTime IT News

Online System Services to Acquire Durand

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.

Durand develops CommunityWare, a set of tools and services for creating Internet-based virtual communities, and Pangaea Network, a distance learning network for colleges, schools, associations, and businesses.