Intertainment pays $24.5 Million for exclusive rights to technology that powers Ortsbo

Posted by Techvibes NewsDesk

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.

Company:
Intertainment Media
Website:
http://www.intertainmentmedia.com
Location:
Richmond Hill, Ontario, Canada

Intertainment Media is focused on delivering leading edge technology and marketing solutions that enable our clients to power their branding, loyalty and consumer engagement initiatives. We provide business programs, technologies, and lifestyle applications that create revenue driven, socially engaging platforms. Intertainment and our multiple divisions – itiBiti Systems, Ad Taffy, Ortsbo, and Magnum Fine... more

Company:
Ortsbo
Website:
http://www.ortsbo.com
Location:
Toronto, Ontario, Canada

Launched in July 2010, and built using Microsoft’s Silverlight platform, Ortsbo provides real-time, easy and accurate translations when chatting online to someone who speaks a different language, with over 50 languages currently supported. Ortsbo connects to PC and Mac computers, mobile devices as well as all major search engine instant messaging chat platforms Microsoft, Google and Yahoo! along with Facebook,... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more




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