LSI Industries Announces Acquisition of Virticus Corporation for $3.15M Plus $5M Contingent Payment
LSI Industries Inc. (Nasdaq: LYTS) today announced that it has entered into a definitive agreement to acquire Virticus Corporation, located in Beaverton, Oregon. Consideration for the purchase of all of the issued and outstanding capital stock of Virticus consisted of $3.15 million in cash and a contingent payment opportunity (earn-out) of $5.0 million. The balance sheet of Virticus was debt free. The management of Virticus has entered into long-term employment agreements and will continue to manage the business of Virticus which will remain headquartered in Beaverton, Oregon. The transaction is expected to close this week.
Virticus, a start-up company with sales beginning in 2010, is in the business of developing, designing, manufacturing, selling and servicing automated network control systems and software for the management of indoor and outdoor lighting and lighting systems.
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