Breaking news: Orad acquires Ibis25 July 2011
Ibis, the ground-breaking automation and asset management company which celebrated its 20th anniversary earlier this year, is to be acquired by graphics and virtual reality specialist Orad.
The initial investment – expected to be completed within the next three months – sees Orad acquiring a little under two-thirds of Ibis for $2.11 million. It has an option to acquire the balance within the next four and a half years, with further investment pegged to future revenues and net profits.
Avi Sharir, president and CEO of Orad, said: “We see many synergies between Ibis’s portfolio and Orad’s graphics and video server range of solutions. The integrated solution between Orad and Ibis will further enhance Orad’s position in the sport and news market segments, offering our customers significant added value.”
Noting that Ibis is now best known for its systems in fast turnaround applications, Managing Director of Ibis Mike Shaw added: “We are delighted to be joining forces with Orad, and the combination of our products makes a powerful offering for the demanding environments of sport and news. The relationship will allow us to grow and further exploit our innovative solutions in this exciting market.”