Intertainment Media announced yesterday that it has completed the acquisition of Ajax-based SaaS Technologies Inc. which was originally announced on July 25, 2011.
Ortsbo Inc., a subsidiary of Intertainment, had an exclusive agreement to license and purchase the SaaS' technology that has made up part of the Ortsbo platform since August 2010.
The purchase of SaaS makes Ortsbo the sole owner of all existing, in development and future technology, IP and patents related to the Ortsbo platform. The SaaS team will remain an integral part of the Ortsbo platform and continue to be actively engaged in the development and success of Ortsbo.
Intertainment acquired SaaS for a total purchase price of $24.5 Million - $4.5 Million in cash plus common shares in publically-traded Intertainment for the remainder. The share purchase agreement also provides that in the event Intertainment sells Ortsbo within three years after the closing date, SaaS Technologies will receive 5% purchase price.
This is Intertainment's second major acquisition of the year. They purchased group-buying daily deal site DealFrenzy in June 2011.