HiddenMind is no more.
Infowave Software disclosed Monday morning that it had completed the acquisition of the Cary-based software firm.
Infowave will keep RTP connections, however. It named Bill Weiss, a veteran international consultant and head of The Promar Group, to its board of directors. Infowave also had offered contracts to HiddenMind’s remaining employees when the sale was announced in May.
The new financing totals some $5.8 million. Infowave acquired HiddenMind for about $2 million stock.
Infowave’s stockholders approved the transaction, financing and Weiss appointment at a meeting on June 30.
“The acquisition of HiddenMind improves our mobile solution offering, by combining best-in-class products that expand our ability to tap into a wider market and represents a significant progression in Infowave’s corporate growth strategy, as we build a world-class technology company,” said George Reznik, chief financial officer of Infowave, in a statement.
George Trooien, the majority investor in HiddenMind, had been allowed to pick one person for the board as part of the company’s acquisition. He selected Weiss.
Weiss co-founded The Promar Group in 1973. He also is a partner in Quantum Capital Management.
“I believe there is a worldwide opportunity for the adoption of mobile data solutions, and look forward to working with the Infowave management team to plan and execute on business strategies that will establish Infowave as a leader in the mobile marketplace,” Weiss said in a statement.
