Wi-LAN Inc. (TSX: WIN; NASDAQ: WILN) has entered into a definitive agreement to acquire VIZIYA Corporation and its related entities for $40.5 million, with 60% of the purchase price payable at closing and remaining in earnout payment.
Canaccord Genuity acted as exclusive financial advisor to WiLAN on this transaction and STS Capital Partners UK acted as exclusive financial advisor to VIZIYA.
VIZIYA previously entered into a reverse take-over (RTO ) transaction with Nobelium Tech Company, a capital pool company, as Nobelium’s Qualifying Transaction to go public. The RTO transaction would have valued VIZIYA at US $34 million with US $12.8 million in earnout payment.
VIZIYA is WiLAN’s second acquisition since its change of business focus to Industrial Internet of Things (IIoT) and proposed name change to Quarterhill Inc.
Hamilton, Ontario based VIZIYA is a software and services provider that helps companies optimize their asset performance. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Increasingly these asset management systems are an important part of the broader IIoT ecosystem, which represents a significant growth opportunity for VIZIYA.
“WiLAN, to be renamed Quarterhill in the second quarter of 2017, is focused on growth by identifying, acquiring and supporting IIoT companies with strong management teams, attractive financial fundamentals and promising growth potential; VIZIYA meets all these criteria,” said Shaun McEwan, Interim CEO of WiLAN. “This is the second acquisition that follows our new growth plan and we believe that investing our capital in these promising technology businesses will drive the greatest shareholder returns over time.”
“VIZIYA has enjoyed substantial growth and profitability, and this transaction with WiLAN will give us the access to resources that will help us continue to build and grow our business,” said John Vujicic, President and CEO of VIZIYA. “The VIZIYA management team will remain in place and I want to personally assure our customers that our commitment to supporting your needs, and giving you the high level of personal service you are accustomed to, remains our top priority.”
On April 17, 2017, WiLAN entered into an agreement to acquire International Road Dynamics (TSX: IRD) for $63.5 million. The IRD transaction is expected to close on, or about, June 1, 2017.
photo credit: VIZIYA
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