Iona Technologies has announced the $270m purchase of Californian firm Netfish in an all stock deal that will see Netfish CEO Ravi Iyer join Iona as executive vice-president of market development.
The deal is the centrepiece of Iona's total business integration strategy, which aims to allow companies integrate all the applications within their business, and develop them for business to business relations with partners, suppliers and customers.
Netfish's XDI product suite is seen by Iona as a key component of its strategy.
'The combination of Iona's and Netfish's products will meet clients' needs and establish Iona as the only e-business platform vendor with a single end-to-end solution,' said Iona's CEO Barry Morris.
The total payment for Netfish comprises 5.5 million Iona shares at yesterday's closing price of $49.06 per share. Iona chairman Dr Chris Horn told business news the acquisition would be earnings neutral this year.
