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Document Security Systems Inc., that bought a wrapping pattern and production organisation in 2010 to mangle into that market, now is anticipating to enhance a mechanism confidence offerings with another acquisition.
The Rochester-based anti-counterfeiting record association pronounced Thursday it is appropriation ExtraDev Inc., also of Rochester.
Under terms of a deal, Document Security is presumption $388,000 of ExtraDev’s debt and arising roughly $325,000 value of batch to ExtraDev’s executives, and options on an additional 65,000 shares.
According to Document Security, it will use ExtraDev’s cloud computing capabilities to offer a information confidence program as an online service.
The latest merger comes as Document Security is still struggling with a finances, yet reduction than it was a year ago.
For a 3 months that finished Mar 31, a association reported sales of $2.69 million, down about 3 percent from a year earlier.
But Document Security’s net detriment was dramatically smaller — $398,000, or 2 cents per share, a distant cry from a detriment of $1.12 million, or 7 cents per share, in a initial entertain of 2010.
In a statement, CEO Patrick White pronounced first-quarter sales were off in vast partial since of a diseased blurb copy market.
“We continue to be vehement by a expanding patron base, both on a chartering and product sides of a business,” White said.
Document Security announced a gain after a tighten of a trade day Thursday. Its shares finished during $3.45, adult 12 cents, or 3.6 percent.
The batch is down some-more than 35 percent from a commencement of a year, when shares were trade around $5.50.
MDANEMAN@DemocratandChronicle.com
