Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation, development and monetization of intellectual property, today announced that it has entered into a definitive agreement to acquire privately held International Development Group (IDG), a holding company consisting of two primary businesses: fliCharge, a wire-free charging technology company, and Group Mobile, a market leading built-to-order supplier of rugged computers, mobile devices and accessories.
Founded in 2014, fliCharge owns a patented, conductive, wire-free charging technology that is already on the market and available to consumers. The patented fliCharge technology consists of a wire-free charging solution that can simultaneously charge multiple battery operated devices on the same charging pad regardless of their power requirement or position on the pad; users simply place their enabled device onto a fliCharge pad. fliCharge is currently commercializing, partnering or developing products in numerous markets including automotive, education, office, healthcare, power tools and vaporizers.
Founded in 2002, Group Mobile is a market-leading supplier of built-to-order rugged computers, mobile devices and accessories. Group Mobile provides a high touch sales experience with full service technical and customer support in the rugged mobile computer market. Group Mobile’s customers include large corporations, military suppliers, small businesses and individuals. Rugged products sold by Group Mobile can be found in military helicopters, police cruisers and ambulance fleets as well as on construction sites, oil rigs and manufacturing facilities.
The aggregate consideration will be unregistered shares of Vringo preferred stock convertible into shares of common stock representing approximately 11.4 percent of the combined company on a fully diluted basis, including contingent consideration.
“I am excited to announce the acquisition of IDG. We believe that the combination with Vringo provides IDG with the necessary resources to accelerate growth by increasing market awareness and brand identity stemming directly from the development, manufacturing, distribution, licensing and sales of innovative products and technologies,” said Andrew D. Perlman, Chief Executive Officer of Vringo.
“Our existing patent licensing and litigation strategy remains intact and on track. We believe this acquisition offers diversification to our shareholders and additional licensing opportunities,” Mr. Perlman concluded.
“This transaction presents a fantastic opportunity as we move towards the next chapter in our company,” said Randy Marx, the Chief Executive Officer of IDG. “I speak on behalf of myself, IDG’s largest shareholder, as well as our employees and shareholders in saying that we are all excited about our partnership with Vringo.”
Vringo has released a presentation that provides an overview of the acquisition. The presentation is available on the homepage of Vringo’s website.