HiddenMind Technologies, a developer of applications for wireless networks, which raised more than $40 million in venture capital, is being sold.

The Cary-based firm, which is controlled by Jerry Trooien of The JLT Group in Minneapolis, has agreed to be acquired by Infowave Software of Vancouver, Canada. Infowave also is involved in wireless applications.

The all-stock deal also includes a commitment from Trooien, who invested $10 million in HiddenMind just last July, to invest $3 million in Infowave. Trooien is a long-time associate of Kristopher Tyra, HiddenMind’s founder and chief technical officer.

Infowave has agreed to issue 14,966,034 “units” of stock at a value of about 15 cents a share for control of HiddenMind. The unit includes one common share and one half of a warrant, which entitles holders to buy another share of Infowave stock at the issue price over the next two years.

Trooien also has agreed to pay about 10 cents a share for 29,473,684 units of Infowave. Each contains one common share and a half warrant for additional shares at a slightly higher price.

Once the transaction is complete, the companies said HiddenMind and Trooien would own some 40 percent of Infowave.

“By combining the application strength of HiddenMind with Infowave’s suite of wireless middleware solutions, we can now extend our value proposition to enterprise customers and deliver custom applications for their mobile deployments,” said Thomas Koll, chairman of Infowave, in a statement.

The Triangle Business Journal reported that HiddenMind is down to some 10 employees. It had 75 when the company closed on the $10 million investment last July.

HiddenMind: www.hiddenmind.com