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MillimeterVizrt to Acquire Curious Software
Jun 3, 2005 2:56 PM
Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) announces today the signing of the purchase agreement with the shareholders of privately-held Curious Software Company Ltd. According to the agreement, and following the announcement on Feb. 24, 2005, Vizrt is acquiring all assets of Curious Software. The purchase will come into effect as of June 1, 2005.
After the satisfactory conclusion of the financial due diligence process the transaction has been approved by the boards of directors of both Vizrt and Curious Software, final procedures are supposed to be finalized within the next couple of weeks.
In consideration for the purchase of the shares or assets, Vizrt will pay US$5 million in cash to the Curious shareholders. Up to an additional US$4 million is to be paid in ordinary shares of Vizrt as an earn-out in four quarterly instalments upon reaching certain milestones.
With the completion of this purchase, the entire business of Curious Software will be integrated into the company and will operate under the name of Vizrt in all markets. The takeover will add 13 staff to the team, making a total number of 148 Vizrt employees worldwide. In the fiscal year 2004/05, ending May 31, 2005, Curious reached revenues of approximately US$2.8 million and a close to break-even net result.
"We're very happy with the positive outcomes of the financial due diligence process," says Bjarne Berg, president and CEO of Vizrt. "In the meantime we have also worked on the cohesion of our products, which are easy to merge. Soon, Vizrt map systems will be replaced by superior Curious products, which we believe to be the best on the market. In addition, new products will be developed and will capitalize on each firm's strength. With the acquisition of Curious, we get access to great products and a large installed customer base with approximately 500 customers around the world, including 185 in the U.S. Furthermore, we open the doors to additional markets and new applications like traffic maps. We anticipate that Curious will enable us to accelerate our growth path."
Halid Hatic, President of Curious Software adds: "We are joining forces from a position of strength. The combination of Vizrt's and our own products will enable us to enhance the already outstanding market position of both our product ranges for the benefit of our customers and all shareholders."
Continue the discussion on “Crosstalk” the Millimeter Forum.