Mergers and Acquistions News
Categories: Software
November 9th 2009, 16:45PM
Information security software-as-a-service provider QED Connect has signed a letter of intent to merge with Southeastern Retail Services, which trades as ProRemote Solutions.
ProRemote Solutions manufactures technology for the home theatre industry, including remote controls integrating audio and visual media servers.
The merger deal has been precipitated by the continued economic downturn, which has seen QED Connect unable to raise sufficient revenues to sustain itself and subsequently needing to downsize.
However, the merger, which is expected to close within 60 days, is expected to provide additional revenue streams and capital financing opportunities.
"The home control systems market is expected to be over $4 billion (£2.4 billion) next year and media server market is estimated to hit $5.5 billion (£3.3 billion) in the next few years," commented Tom Makmann, president of QED Connect.
Security solutions provided by QED Connect was last year named as the winner of a case study carried out by Info Security Products Guide.
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