iPIX Buys PictureWorks for $175 Million
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If the average closing price of iPIX Common Stock is more than $37.06, PictureWorks stockholders will receive 4,668,106 shares of iPIX (IPIX) common stock, and if the average price of iPIX common stock is less than $27.39, then the PictureWorks stockholders will receive 6,240,981 shares. The acquisition expected to close later this month.
Privately-held PictureWorks provides media infrastructure and services to Web sites including online auctions, real estate, classifieds, insurance and A/E/C industries. With its tools, customers can collect, transform and deploy millions of media objects in just seconds. Its business will be integrated under the iPix brand.
With the acquisition, the combined companies intend to create an "Imaging Infranet," an extensive global infrastructure of services, networks, and content delivery systems for visual content. Its services will include:
- Full-service virtual tours provided by iPIX's photographer network
- Self-service 360 by 360 degree virtual tours
- Instant publishing of still photos to Web sites
- iPIX interactive WebCams
- iPIX Movies
- Transformation and enhancement of user-supplied images
- Visual content hosting and distribution to leading Web sites
"By combining with PictureWorks, we will create the leading provider of visual content solutions for e-commerce applications on the Internet," said Jim Phillips, chairman and chief executive officer of iPIX.
"PictureWorks' industry-leading technology and proven track record, together with iPIX's innovative technology and global visual content infrastructure, will create a winning and complementary imaging solution.
"This merger will solidify iPIX's position as the leader in imaging for the Internet and will provide our B2B and B2C customers with the most comprehensive, end-to-end content acquisition and delivery solution in the market today."