20-20 Technologies Inc., a Montreal-area company that specializes on software for the interior design industry, said Monday it plans to acquire Virtual Systems International of Raleigh, N.C.
Financial terms were not released and the transaction is subject to certain conditions including the satisfactory conclusion of due diligence by 20-20.
VSI, which develops, markets, sells and integrates manufacturing software for North America’s cabinet, furniture and woodworking industries, employs 27 people and had $3.4 million US in revenue for the 12 months ended Sept. 30.
20-20 Technologies develops and sells computer-aided design, sales software and manufacturing solutions for the interior design industry.
For the nine months ended July 31, according to 20-20’s most recent financial report, the company had revenues of $29.6 million US, an increase of 11 per cent compared with $26.7 million in the same nine-month period in 2004.
Net earnings available to common shareholders for the nine months were $2.8 million US, or 16 cents per share, up from $1.1 million, or 12 cents per share in 2004, on a fully diluted basis.
Last week, the Laval-based company completed the acquisition of all assets, business and software solutions of MBI Software Co. of Germany for the equivalent of $3.3 million US in cash.
As a result of the MBI acquisition, 20-20 will add 60 employees in Germany, eight in Austria and seven in Canada.
On Nov. 29, 20-20 completed the acquisition of DataOne, Inc. of Indianapolis, Ind., which develops, services, and sells layout, specification, and catalogue creation software for contract furniture dealers, manufacturers and facility managers