Vizrt completes Curious Software acquisition

Vizrt has announced 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 February 24, 2005, Vizrt has acquired all assets of Curious Software. The purchase came into effect as of June 1, 2005.
The transaction has yet to be finally approved by the Boards of Directors of both Vizrt and Curious Software, but this is expected to be finalised within the next couple of weeks.
Vizrt will pay US$5,000,000 in cash to the Curious shareholders and up to an additional US$4,000,000 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$2.8M and a close to break-even net result.
“We’re very happy with the positive outcomes of the financial due diligence process,” said 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 capitalise 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 US. 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, added: “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.”
(GB)