TORONTO, Ontario—Sirit Inc., a provider of RFID technology, has entered into a definitive agreement to acquire RSI ID Technologies Inc., a manufacturer of antennas, inlays and tags for specialized, passive RFID applications.
Sirit’s experience in reliably reading tags in vehicles at speeds of up to 160km/hr in harsh weather conditions, paired with RSI’s unique passive tag solutions supports the increasing demand worldwide for electronic vehicle registration (EVR) solutions that Sirit and RSI are jointly pursuing, according to the companies.
The deal will be structured as an all-stock transaction, with an initial payment of 10 million Sirit common shares, plus additional shares to be issued over a 21-month period, based on achieving certain financial targets. The transaction is subject to receipt by Sirit of all requisite regulatory approvals, including the Toronto Stock Exchange, and is expected to close on or about Apr. 1. RSI will continue to operate out of its California-based location.