XML Global Technologies, Inc. has signed a letter of intent to acquire Bluestream Database Software Corporation, a privately held company based in Vancouver, British Columbia.
Bluestream is a database company specializing in developing and implementing native XML database technology.
According to company officials, the addition of Bluestream’s native XML database technology will provide the link to a fully integrated XML based e-business platform. The cornerstone of such a platform, according to those at XML Global is to have search, transformation and storage capabilities seamlessly integrated into a single software solution.
“This acquisition has come at exactly the right time for XML Global and our strategy of focusing on the e-business platform market,” said Peter Shandro, CEO of XML Global. “With leading standards bodies and key industry participants, including Microsoft, Oracle and IBM, all working on major XML initiatives, it is clear XML technology is underpinning the next evolution of the Internet.”
Under the terms of the agreement it is expected that XML Global will acquire all of the outstanding shares of Bluestream for a combination of cash and stock of XML Global Technologies, Inc.
Bluestream’s management team and database specialists are all expected to join XML Global. The final terms and conditions of the acquisition will be approved at special meetings of the Board of Directors of each company. The acquisition is expected to close by the last day of the year.