Beijing BDStar Navigation Co., Ltd. (北京北斗星通导航技术股份有限公司) (SHE: 002151), through BDStar Investments (Canada) Co., Ltd., has completed previously announced acquisition of Rx Networks Inc. for $31 million of all cash consideration, subject to a 20% holdback of the consideration for a period of two years. The acquisition was announced on March 27 and closed on August 3, 2017.
Rx Networks distributed all the common shares of wholly-owned subsidiary Fathom Systems Inc. immediately before the closing of the transaction and former shareholders of Rx Networks are now direct shareholders of Fathom. Fathom specializes in beacon and Bluetooth-based indoor positioning technologies, transforming stand-alone beacons into a managed proximity network.
Founded in 2002, Rx Networks had raised $7.5 million from British Columbia Discovery Fund (VCC) Inc. (BCDF), VOXX International (NASDAQ: VOXX), TELUS Ventures, Texas Instruments.
BCDF, Rx and Fathom’s largest shareholder, received approximately $13.2 million of cash and Fathom securities from its investment cost of $5.5 million into Rx Networks.
As a result of the Rx transaction, BCDF will make the first distribution under its new model in the amount of $1.10 per share for approximately $5 million.
photo credit: BDStar