Peerless Systems Buys Irvine Software Firm
Peerless Systems Corp., the El Segundo-based provider of imaging and networking technologies and components for the digital documents market, has agreed to buy substantially all of the assets of Prism Software Corp of Irvine.
Peerless Systems will pay $1.75 million in cash in addition to providing the right to receive up to $1.5 million in Peerless common stock, provided certain conditions are met. The deal also includes an "earn-out provision." The purchase is expected to close within the next 90 days.
Prism will become a wholly owned subsidiary of Peerless Systems. Prism's management team will become part of the El Segundo company.
Irvine-based Prism makes software for work processes, document flow and document creation and distribution.