Parascript Acquired By Authentidate
Workflow management software publisher Authentidate Holding Corp. has agreed to acquire Boulder, Colo.-based Parascript LLC, a developer of image analysis and pattern recognition software, Authentidate announced Wednesday. The Berkeley Heights, N.J.-based business said both companies have signed a definitive merger agreement that specifies Authentidate will buy Parascript for up to $10 million in cash; 30 million shares of Authentidate common stock; all shares of Authentidate's German subsidiary, Authentidate International AG; and a five-year, 10-percent note in the principal amount of $20 million, which is subject to adjustment. Authentidate added that additional consideration in the form of more Authentidate common stock would be paid in 2012 if certain financial performance goals for a newly formed business unit were met. Authentidate noted that the transaction has already received the unanimous approval of both companies' boards and should close in Q4 2008.
posted on Thursday, August 7, 2008
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