Nstein Technologies Acquires Picdar

Feb 15, 2008

Nstein Technologies Inc., a provider of online publishing solutions for newspapers, magazines, and online content providers, announced that it has acquired Picdar, a provider of picture and digital asset management in UK. Established for over 20 years, Picdar provides Digital Workflow and Asset Management (DAM) solutions to newspapers, magazines, and corporate publishers. Lesley Steinitz, currently chief executive of Picdar, will now lead Nstein's UK offices as Director of Operations (UK).

Under the terms of this transaction, Nstein has acquired all of the outstanding common shares of Picdar for a purchase price equivalent to the sum of the business' enterprise value set at between $6,595,000 and $9,245,000, plus the working capital excess at closing estimated at $4,545,000.