Sysorex (SYRX) Plans to Acquire Integrio Technologies Assets
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Sysorex (NASDAQ: SYRX), announced it has signed a definitive Asset Purchase Agreement to acquire certain assets of Integrio Technologies Inc. (Integrio). The total purchase price for the assets will consist of $1.8 million in cash, 530,000 shares of Sysorex common stock, the assumption by Sysorex of approximately $3 million in net liabilities and up to $1.2 million in earn-out payments to be paid over three years. The completion of the asset purchase is subject to customary closing conditions.
Integrio, an SBA-designated small business headquartered in Herndon, VA, is an IT integration and engineering company with approximately 40 employees and a 20 plus year track record of providing cutting-edge solutions for network performance, secure wireless infrastructure, software application lifecycle support, and physical cyber security, supporting the missions of federal, state and local government agencies.
“We believe that the purchase of Integrio’s federal government contracts including FBI ITAP; Bureau of Prisons; U.S. Army ADMC2; Department of Justice ITSS; and others will enhance Sysorex’s Storage and Computing and Professional Services business segment offerings for key government customers,” explained Sysorex CEO, Nadir Ali. “We believe it also provides additional opportunities for Sysorex to sell its AirPatrol and LightMiner products to Integrio’s customer base.”
“We are very pleased to welcome the Integrio Team to Sysorex and expect it will become a significant addition to our Professional Services and Government VAR business segments,” continued Mr. Ali. “We expect that the addition of Integrio’s revenue, contracts and customers will enable Sysorex to significantly expand our presence in the government sector. As represented by Integrio, it has generated more than $40 million per year in revenue over the past two years. As I said in the past, with the overall slowdown in the commercial VAR business segment, we have begun shifting our focus to bid more aggressively on government contracts like SEWP/CIO-CS and this acquisition allows us to balance our mix of public and private sector customers with a broader capability in an area of our business that continues to show measured growth.”
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