International Microcomputer Software Inc. (IMSI) on Tuesday announced that it's completed its previously announced acquisition of Aladdin Systems Inc. Aladdin makes StuffIt, Spring Cleaning and other utilities for Macs and Windows PCs.
The deal is valued at about US$10 million over the next three years. Aladdin was sold for cash, stock and a convertible note worth a combined $8 million, with IMSI assuming certain liabilities and offering an earn-out that could generate an additional $2 million in payments over the next three years, depending on Aladdin's future revenues. The details of the plan are in line with what was first announced back in January.
Aladdin's presence has long been felt in the Macintosh market, where the company's StuffIt compression utility has had a ubiquitous presence for years. In recent years Aladdin has expanded its product line to include Windows versions of StuffIt, as well as Internet and file privacy solutions, collections of previously published utilities, games and music software, and more. IMSI, however, is a stranger to the Macintosh market. The company's products have focused on CAD and graphics solutions for the PC market.
"IMSI is a leader in the software industry and we expect to accelerate our growth by expanding our product offerings and customer base with this strategic move," said Aladdin President Jonathan Kahn.
This story, "IMSI completes Aladdin Systems acquisition" was originally published by PCWorld.