Garden Grove-based Bar Code Specialties Inc. will be acquired by Quest Solution Inc., a Nevada IT integrator.
Under the deal, BCS founder and sole shareholder David Marin will receive a subordinated promissory note that can be converted into Quest common stock at $2 per share.
Marin, who launched the company in 1992, will remain with Quest with an option to purchase up to 2.5 million shares of common stock upon reaching certain service and revenue milestones. The companies didn’t announce his position with Quest.
The transaction, expected to close this month, will create one of the largest integrators in the industry, according to Quest.
BCS, which offers consulting, reseller, and engineering services, has annual sales of about $26.3 million.
Quest’s lightly traded shares were up 9.3% to 47 cents on the Over-The-Counter board.
