Options Media to Acquire Illume Software
Options Media Group Holdings will acquire 100% of the stock of Illume Software Inc., a Boston-based mobile software company that created iZup software, a solution to cellphone-related distracted driving
Options Media Group Holdings will acquire 100% of the stock of Illume Software Inc., a Boston-based mobile software company that created iZup software, a solution to cellphone-related distracted driving.
Under the terms of the agreement, Illume will become a wholly-owned subsidiary of Options Media. The shareholders of Illume will own 40% of the post-merger company. The completion of the acquisition is contingent on Options Media receiving financing in connection with the acquisition and for ongoing operating costs.
The agreement calls for a combination of the two company's boards of directors and management teams at the Options Media level. Daniel Ross, CEO of Illume, will become the CEO of Options Media. The company intends to serve the consumer market through its PhoneGuard application and the enterprise market through the Illume iZup application.
"The combination of two leading mobile apps that prevent distracted driving - PhoneGuard and iZup - creates the best solution for both consumers and businesses," says Keith St. Clair, chairman of Options Media.
The merger is expected to close by February 12.
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