LSI Industries Inc. of Cincinnati, Ohio USA, announced that it has entered into a definitive agreement to acquire Virticus Corporation, located in Beaverton, Oregon. Virticus develops and designs and manufactures automated network control and software systems for managing indoor and outdoor lighting systems.
Consideration for the purchase of all of the issued and outstanding capital stock of Virticus consisted of $3.15 million in cash and a contingent payment opportunity (earn-out) of $5.0 million. The balance sheet of Virticus was debt free. The management of Virticus has entered into long-term employment agreements and will continue to manage the business of Virticus which will remain headquartered in Beaverton, Oregon. The transaction is expected to close this week.
Robert J. Ready, Chief Executive Officer, LSI Industries, commented, “LSI is committed to leadership in the solid-state LED lighting market. Our 2006 acquisition of SACO Technologies Inc. provided the LED platform. Then, our 2009 acquisition of AdL Technology provided vertical integration in connection with designing, engineering and producing the solid-state electronics that control and drive LEDs. Now, the acquisition of Virticus will complement and further expand LSI’s capabilities in providing our customers with sophisticated lighting and energy management control solutions.”