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IMSI acquires Aladdin Systems for $8 million

updated 10:50 am EST, Wed January 21, 2004

IMSI acquires Aladdin

for cash, stock and a convertible note with a combined value of approximately $8 million dollars and an earn-out that could result in an additional $2 million in payments during the next three years. Aladdin develops and publishes award-winning utility software solutions that solve problems and protect users in the areas of information access, removal, recovery, security and distribution of information and data, including StuffIt, Internet Cleanup, Spring Cleaning, and SpamCatcher, Ten for X utility line.

Aladdin says it achieved revenues of over $7.4 million and operating income of over $870,000 for the year ended December 31, 2002. Aladdin is cash flow positive and will be accretive to earnings in IMSI's fiscal year ending June 30, 2004. The transaction is expected to close in March 2004 and is subject to customary closing conditions.



"This acquisition is another example of our using the resources generated
by our sale of ArtToday to significantly strengthen and broaden our product
offerings in the expanding utilities market," said Gordon Landies, President
of IMSI. "We expect a smooth integration with Aladdin as a result of common
sales channels and product development strategies. Aladdin is a leader in the
delivery of its products via electronic software download (ESD) technology and
we expect to be able to leverage their direct marketing expertise to
strengthen and expand our customer base. We are pleased to be joining forces
with the Aladdin team and believe that they will help establish IMSI as a
leader in the utilities market."




"The acquisition of Aladdin is a key part of our strategy to strengthen
our utilities and business application offerings," stated Martin Wade, CEO of
IMSI. "This acquisition, in combination with our previous acquisitions and
product launches, make IMSI a leader in providing a wide range of products and
services to our growing community of users at competitive prices. With the
synergies which exist between the two companies and Aladdin's demonstrated
results and strong management team, we expect the acquisition to significantly
enhance revenues and earnings over the coming years."




by MacNN Staff

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