James Skippen, Executive Chairman of WiLAN added: IRD comes with a strong portfolio of more than 80 pending and issued patents.
This transaction provides compelling and certain value for IRD shareholders and also provides significant opportunity for our employees and customers to benefit from our future growth plans, said Terry Bergan, President and CEO of IRD.
IRD generated $65.4 million in revenue in fiscal 2016 with $4.9 million in earnings before interest, taxes, depreciation and amortization (EBITDA), $2.8 million in net income and $2.3 million of cash from operations.
IRD directors and officers, as well as certain IRD shareholders, representing approximately 25.4% of the total IRD shares outstanding, have agreed to tender their IRD shares into this transaction.
As is customary in a friendly transaction of this nature, IRD has agreed not to solicit competing acquisition proposals, subject to customary fiduciary provisions, which entitle IRD to consider and accept a superior proposal.
An IRDS is a logically centralized repository of data about all relevant information resources within an organization.
A passive IRDS is one in which no process or system component depends on the IRDS for its metadata, whereas an active IRDS generates metadata for one or more processes and is the sole source for those metadata.
A DBMS-dependent IRDS uses an existing DBMS to implement the description, manipulation, and control of its metadata, and therefore can avail itself of the underlying query processor, security, backup/recovery, and other features.
The Institute for Computer Sciences and Technology of the National Bureau of Standards has developed specifications for an IRDS that will form the basis for a FIPS.
The Boards of Directors of both WiLAN and IRD have unanimously approved this transaction, and IRD's Board recommends that IRD shareholders vote in favour of the transaction.
As is customary in a "friendly" transaction of this nature, IRD has agreed not to solicit competing acquisition proposals, subject to customary fiduciary provisions, which entitle IRD to consider and accept a superior proposal.
Duff & Phelps Canada Limited is acting as financial advisor to the Board of IRD and McKercher LLP is acting as legal advisor to IRD.