Intermec Inc agrees
to purchase Vocollect
Jan 19, 2011 9:58 AM
Intermec Inc (NYSE: IN) has entered into a definitive agreement under which it will acquire Vocollect Inc, a provider of voice-centric systems for mobile workers worldwide. Vocollect is privately held by Riverside Partners, a Boston MA-based private equity firm and private investors. Both companiesí boards of directors have unanimously approved the $190 million all-cash offer.
With more than 1,500 customers and 300,000 users globally, Vocollect will broaden Intermecís applications and offerings in the warehouse workflow and help to establish a leading position in software-oriented systems. The acquisition will also extend Vocollectís voice systems into the rapidly growing markets served by Intermec and its channel partners.
Upon completion of the transaction, Joe Pajer will lead the Intermec Voice Solutions business and report to Patrick Byrne, Intermecís president and chief executive officer.
Under the agreement, Vocollect will be merged with a wholly owned subsidiary of Intermec. Vocollect stockholders will receive an aggregate cash purchase price of $190 million, subject to adjustment after closing. Completion of the transaction, which is expected in the first quarter of 2011, is subject to expiration or termination of the applicable Hart-Scott-Rodino waiting periods, and other regulatory and customary conditions as provided in the merger agreement.
Goldman Sachs acted as exclusive financial advisor to Intermec in connection with this transaction.
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