ALADDIN SYSTEMS HOLDINGS, INC. ENTERED INTO A DEFINITIVE AGREEMENT TO SELL ITS SUBSIDIARY, ALADDIN SYSTEMS, INC., TO IMSI
Aladdin Systems Holdings, Inc. "the Company" (OTC BB: ALHI ) entered in to a definitive agreement with IMSI(r) (OTC BB: IMSI), a leading developer and publisher of precision design, graphics and productivity software, to acquire Aladdin Systems Holdings' subsidiary, Aladdin Systems, Inc. "Aladdin." The Company will continue business as usual with its subsidiary Aladdin Enterprise Solutions, Inc. Aladdin will become a wholly-owned subsidiary of IMSI. The transaction is expected to close in March 2004 and is subject to customary closing conditions.
The acquisition by IMSI is 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. IMSI develops and publishes professional and home user, high-quality software products at affordable prices. IMSI has two divisions: The Precision Design division, anchored by IMSI's flagship product, TurboCAD(r) and The Business Applications division, which provides businesses and end users with software solutions through its popular products like TurboProject(r), HiJaak(r) and TurboTyping.
"IMSI is a leader in the software industry and we expect to accelerate our growth by expanding our product offerings and customer base," stated Jonathan Kahn, CEO of Aladdin. "We look forward to joining forces with IMSI to continue to grow and strengthen our award-winning software products."