Altium makes cloud bid with Morfik acquisition

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.