Google and Global IP Solutions (GIPS) announced that they have entered into a transaction agreement under which Google Acquisition Holdings Inc., a wholly owned subsidiary of Google, will make a recommended voluntary public cash offer to acquire all the issued and to be issued shares of GIPS. Based on the offered stock price and standing capital of GIPS, this will amount to an aggregate offer of $68.2 million.
An offer document setting forth in detail the terms of the offer is expected to be published and distributed to all GIPS shareholders on or about May 20, following review and approval by the Oslo Stock Exchange. GIPS is a developer of real-time voice and video software built to run on IP networks, and has been responsible for the development of several codecs. The company was founded in Stockholm in 1999.