Following the terms of the previously announced merger agreement signed in March 2023, IDIS has acquired all of the common stock of Costar Technologies.
According to the companies, following the acquisition, Costar will continue to operate as a wholly-owned subsidiary.
After customary working capital adjustments and payment of indebtedness and transaction expenses, Costar stockholders will receive approximately $4.90 in cash for each Costar share and the Costar shares will be delisted from the OTC Markets Group.
With the acquisition of Costar, IDIS says that it is expanding its global presence and further diversifying its product portfolio.
As the management and sales teams merge, customers will be able to buy Costar and IDIS solutions from either company.
“The Costar and IDIS teams have over 20 years of partnership experience and we are excited to be merging with a vibrant video tech company,” said Scott Switzer, Chief Executive Officer, Costar Technologies, Inc.
“With its rapid growth, expanding product line and reputation for exceptional quality, IDIS combined with Costar’s sales network is poised to make significant inroads in the US market.”
“IDIS’ growth strategy has always been focused on building long-term relationships with local partners and customers,” said Joon Jun, President of the Global Business Division and Senior Executive Vice President, IDIS.
“Leveraging Costar’s established distribution networks and sales channels in North America is reflective of that strategy.
“We are very proud to be uniting with Costar and making our entire IDIS range of advanced technologies and resources available to our combined customer base.”