News

Digital signage firms complete merger

August 5, 2014

Digital signage marketing technologies solutions provider Wireless Ronin Technologies Inc. has successfully completed its previously announced merger with digital media and broadcast solutions provider Broadcast International, effective August 1, according to an announcement from Wireless Ronin.

On March 5, the companies entered into a definitive agreement to merge, whereby Broadcast International shareholders and other security holders would receive approximately 36.5 percent of the outstanding shares of Wireless Ronin's common stock calculated on a modified fully-diluted basis. The companies yesterday announced that the merger has been completed following approval by shareholders of Broadcast International (BI) and with all other customary closing conditions having been met.

In accordance with the terms of the transaction as previously announced, BI merged with and into a wholly-owned subsidiary of Wireless Ronin. Wireless Ronin issued approximately 7,093,273 shares to BI shareholders (including holders of BI secured and unsecured notes that converted into BI shares contemporaneous with the closing) in connection with the merger.

"We are excited to have closed this transaction and look forward to providing our customers with a broader and more scalable offering," Wireless Ronin President and CEO Scott Koller said in the announcement. "The addition of Broadcast's intellectual property, coupled with our content management system and creative solutions capabilities, provides us with one of the most comprehensive technology portfolios in the industry. Customers are demanding more and want the latest innovations that will help them improve the in-store engagement. With Broadcast International's technology, and the pending addition of Creative Realities' offerings, we feel our value proposition will be unmatched."

The completed BI merger is the first part of the company's "multistep process to broaden our offering and scale for our customers," Koller said. "With Broadcast International, we gain IP and add to our customer base. With Creative Realities, a transaction that is pending, we gain years of invaluable creative design expertise, a blue-chip customer roster that continues to expand, and an incredible sales engine." All of which combines to create a one-stop shop "for retailers, venue operators and all of the brands they partner with," he said.