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Sphere 3D Corporation (TSX-V:ANY) (OTCQX:SPIHF), a virtualization technology solution provider making it possible for incompatible devices and applications to run over the cloud, today announced that it completed the acquisition of all of the assets and operations of privately held V3 Systems Inc., a leader in providing VDI architecture, software and hybrid Desktop-as-a-Service solutions.
The acquisition includes V3 Desktop Cloud Orchestrator, software developed from the ground up to enable the desktop administrator to quickly and efficiently meet the needs for day-to-day management of virtual desktops in a secure, centralized console.
DCO provides automatic replication of persistent virtual desktops; enabling a seamless pool movement between V3 Appliances when needed for failover or scheduled maintenance.
V3’s Desktop Cloud Computing solution represents a quantum leap in the way desktop virtualization is designed and deployed from a hardware, software and delivery perspective. Customers across a variety of industries, including professional services, healthcare, education, and government, within the United States, Canada and Europe have been using V3’s award winning technology since 2010.
“With this asset acquisition now complete, we can focus on finalizing the integration of V3’s appliance-based approach with the Glassware 2.0™ platform. This will allow for drop-in deployments of virtual applications to complement V3’s drop-in deployment model of full virtual desktops; all at a fraction of the complication, overhead and timelines of traditional VDI or DaaS deployments,” said Sphere 3D CEO Peter Tassiopoulos.
The company further reports that included in the purchased V3 assets is the right to acquire the assets of Celio Technology Corporation. Celio is the creator of the patented REDFLY® series of products, including ScreenSlider mobile technologies. REDFLY enabled solutions are designed to support mobile computing productivity applications focused on accessing content across mobile computing devices and providing interoperability with remote displays. The Company is currently in the process of completing its due diligence on these assets and additional information relating to Celio will be released in due course.
Sphere 3D will maintain an office in Salt Lake City, Utah and operate V3 under the direction of Ric Lindstrom, President of V3 Systems. The Company is also pleased to report that it has established a demonstration lab, which includes servers that are provisioned with Glassware 2.0™ at this facility in Utah.
The purchased assets acquired include, all software, source code, IP, trademarks, supplier contracts, customer contracts, assignment of all software, hardware and services revenue and other assets that are required to operate the business.
Sphere 3D paid a purchase price of USD $9.7 million in cash and stock with a potential earn-out of up to USD $5 million, subject to various revenue and margin requirements. Additional details can be found in our Press Release of February 11th, 2014. The transaction was negotiated at arms-length and no finder’s fees were paid in connection with closing.
The shares issued are subject to resale restrictions of four months and one day as per applicable Canadian securities laws. In addition, the shares issued as part of this transaction are subject to restrictions as per applicable U.S. Securities Act federal and state securities laws.
