IPIX shareholders will receive 1.3690 shares of Bamboo (BAMB) for each share they own. The combined company will be split between shareholders of both.
Jim Phillips, IPIX chairman and chief executive officer, will be chairman and chief executive of the new company which will be headquartered in Oak Ridge, Tenn. The deal is expected to close in the first quarter of next year.
The companies said the merger will allow IPIX to:
- Accelerate awareness and market adoption of immersive photography and establishing an industry standard for virtual tours
- Expand the company’s market position through an increased distribution and sales force
- Create a leading industry provider through the combination of complementary technologies
- Provide opportunities for significant revenue acceleration
“We are very excited about the combination of our two companies as it brings together the two leaders in Internet imaging, enabling us to dramatically accelerate the adoption of IPIX technology for business and consumer applications. The addition of bamboo.com’s distribution capabilities, seasoned sales force and strategic relationships in the real estate industry enhances our collective position in the marketplace,” Phillips said.
Kevin B. McCurdy, bamboo.com founder, said the deal will allow bamboo.com to build on its lead in the virtual tour industry.
“With the combined resources and shared vision of bamboo.com and IPIX, the new company will be an industry leader in many key vertical markets,” he said.
Bamboo went public in late August, selling 4 million shares at $7. The stock has traded as high as 27-3/4.