Vancouver-based Intrinsyc — a developer of technologies and solutions for Internet devices — Tuesday snapped up Linar Ltd., a developer and provider of Java-based enterprise connectivity software, for $2.2 million in cash and stock.
Intrinsyc will shell out $1.5 million in cash and 323,000 common stock shares for Linar. An additional $1.5 million will be contingent on Linar achieving certain performance-oriented criteria.
“Linar has built a solid customer base of over 500 international enterprise clients in key verticals such as telecommunications, which will provide opportunities to cross-sell our respective networking solutions to our joint customer base,” said Neil McDonnell, president and chief operating officer of Intrinsyc.
“The Linar acquisition is an exceptional deal and business move for Intrinsyc. It will immediately generate royalty-driven revenue for fiscal 2001 and accelerate profitability.”
Derek Spratt, chairman and chief executive officer of Intrinsyc, added that the acquisition will enable Intrinsyc to add Linar’s licensable networking software technologies to its current family of solutions, and will also extend its range of cross-platform solutions and Windows connectivity from the enterprise to a broad range of connected “smart” devices.