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.