Ai-Logix of New Jersey provides voice recording hardware technology for the call logging and voice recording industries.
Voice-over-Packet technology company AudioCodes (Nasdaq: AUDC), announced yestreday after tyhe close of trading in New York that it had bought privaely held New Jersey company Ai-Logix.
Ai-Logix provides of advanced voice recording hardware technology for the call logging and voice recording industries. It had revenue of approximately $13 million in 2003.
AudioCodes paid $10 million cash for all the shares in Ai-Logix. A further payment of up to $10 million in 2005 will depend on the achievement of revenue milestones by the Ai-Logix business in 2004.
Upon closing of the acquisition, Ai-Logix became a wholly owned subsidiary of AudioCodes Inc., which is a wholly-owned subsidiary of AudioCodes Ltd. Ai-Logix's current management will remain in place.
AudioCodes shares closed at $9.55 on Nasdaq yesterday, which meant that they opened this morning on a 2.15% positive arbitrage gap in Tel Aviv. In today's trading on the Tel Aviv Stock Exchange, AudioCodes shares have so far gained 1.53%, and are trading at NIS 43.89.
Published by Globes [online] - www.globes.co.il - on May 13, 2004