Vancouver's Intrinsyc Software International Inc. (TSX:ICS) has completed its acquisition of Destinator Technologies Inc. in a deal worth US$16 million.
Intrinsyc's acquisition expands the company's wireless software development program into the global positioning system (GPS) market. Destinator develops navigation software for personal navigational devices and other wireless handsets.
Destinator's clientele includes Motorola and LG.
The deal expands Intrinsyc's staff to 375 employees worldwide, the majority of whom are in engineering and development. Company revenue is expected to grow to between US$26 million and US$29 million in fiscal 2008.
Intrinsyc's share price range during the past week: between $0.48 and $0.53; 52-week high: $1.30; 52-week low: $0.39.