Acquisition brings together two Microsoft Windows Embedded Partner Gold-level Members
Vancouver, BC, April 22, 2002 Intrinsyc Software, Inc. (TSE:ICS), a leading provider of connected intelligent devices, today announced the signing of a Term Sheet to acquire privately held NMI Electronics, Ltd. of the United Kingdom.
NMI, one of the leading Microsoft Windows Embedded Partner (WEP) Gold-level Members, is a world leader in developing Windows CE-based wireless and smart phone solutions. With a Global 100 customer base, the company specializes in the design and development of hardware and software that adds value and builds real competitive advantage for customers.
"NMI has a 15 year track record of continued growth and profitability and has a superb team of skilled employees," said Neil McDonnell, President and Chief Executive Officer, Intrinsyc Software. "Combining Intrinsyc's strengths, with NMI's complementary technologies, European presence and worldwide customer base will significantly strengthen our competitive position.These synergies will allow us to increase market share and accelerate our growth" added McDonnell.
"We're excited about joining forces with Intrinsyc Software, another award winning WEP Gold-level Member," said Alan Scott, Chief Executive Officer, NMI. "This opportunity to combine the technology and engineering resources of Intrinsyc and NMI, will enable continued development of outstanding products and design services for our customers. Intrinsyc's distribution channels combined with both companies' industry alliances, will generate increased market penetration for our joint Windows CE solutions." added Scott.
"Intrinsyc and NMI have both been important Windows Embedded Partner Gold-level members because of their efforts in creating, networking and managing Windows CE solutions," said Scott Horn, Director of Marketing, Embedded and Appliance Platforms Group, Microsoft Corp. "We look forward to continuing our work with them in the future."
The acquisition is expected to complete prior to the end of June 2002 and consideration will comprise a combination of cash and shares. Further details will be announced upon execution of formal documentation.
NMI Electronics is the European leader in the design and development of Windows CE products, providing customized solutions to clients' requirements. Founded in 1987, NMI is a privately owned company, with the founders actively involved in and leading the business. NMI is passionate about what they do, and dedicated to working closely with clients, suppliers and partners to provide the best possible solutions for every application.To find out more about NMI, visit www.nmi.co.uk.
Intrinsyc is a leading provider of intelligent devices and enterprise computing solutions to Global 2000 companies. Intrinsyc develops open-standards based, intelligent device systems by building on its core reference design technologies, linking intelligent devices to information-rich enterprise applications, and managing global networks of devices. To find out more about Intrinsyc, visit www.intrinsyc.com.