Lantronix Inc., the Irvine-based maker of Internet of Things (IoT) and secure data products, has agreed to buy Canadian firm Intrinsyc Technologies Corp., a provider of solutions for the development of embedded and IoT devices.
Lantronix (Nasdaq: LTRX) will pay about $11.5 million in cash and issue some 4.3 million shares of its common stock to Intrinsyc (TSX:ITC and OTC: ISYRF) shareholders.
“The acquisition of Intrinsyc demonstrates our continuing commitment to deliver incremental growth and shareholder value through acquisition,” stated Paul Pickle, president and CEO of Lantronix. The deal is subject to approval by shareholders of Vancouver-based Intrinsyc.
Lantronix also said in the statement it was affirming its guidance for the first quarter of fiscal 2020.