Sydney-based electronics design software vendor Altium has announced plans to acquire local web tool developer Morfik.
Having used Morfik's technology and development tools for "a number of years", Altium expected the acquisition to strengthen its web application capabilities.
It planned to continue Morfik's existing business model and absorb all members of Morfik's team, including CEO Aram Mirkazemi, who would become Altium's Chief of Engineering.
Altium CEO Nick Martin said the company planned to enable electronics designers to expand their role from designing components in devices, to designing web-based "device ecosystems" -- like Apple's iPod and App Store.
"We believe that cloud-based software applications, engineered to harness the power of Internet-enabled intelligent devices, are a vital part of this future," he said.
"The combination of the Morfik team and the technology they have developed will help us accelerate and advance this process."
Altium planned to use Morfik's platform to provide a cloud-based, content delivery framework for its electronics design content, features, reference designs and component libraries.
It would issue 13.3 million fully paid ordinary shares -- representing almost 15 percent of outstanding shares -- for all of Morfik's outstanding shares, intellectual property and assets.
Due dilligence was underway.
Copyright © iTnews.com.au . All rights reserved.
A confirmation email has been sent to your email address - SUPPLIED GOES EMAIL HERE. Please click on the link in the email to verify your email address. You need to verify your email before you can start posting.
If you do not receive your confirmation email within the next few minutes, it may be because the email has been captured by a junk mail filter. Please ensure you add the domain @itnews.com.au to your white-listed senders.