Iona Technologies to Acquire Netfish for $270 Million in Stock
Iona Technologies (IONA) agreed to acquire Netfish for 5.5 million common shares in a transaction valued at about $270 million.
Iona expects to close the acquisition in the second quarter. In recent Nasdaq activity, Iona gained $7.19, or 14.7%, to $56.38.
Netfish, a privately held company based in Santa Clara, Calif., provides XML-based integrated processes to businesses. Iona plans to use Netfish technology in its e-business integration platform, Iona Suite.Iona will absorb all 300 Netfish employees. Ravi Iyer, Netfish's CEO, will become executive vice president of market development at Iona. Netfish offices, which are located in the U.S., Paris, London, Stockholm and Tokyo, will remain open until there is proof of overlap, an Iona spokesman said. The possibility of employee redundancy is small because Netfish has few administrative and support employees, he added.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV