WARP Technology Holdings, Inc. a developer of application acceleration solutions for distributed Web applications, has signed a letter of intention (LOI) to acquire iMimic Networking, Inc., a provider of caching and edge content management solutions. The acquisition would expand WARP's offerings to cover a more complete spectrum of customer requirements, including static caching, content pre-positioning management, and configuration tools for edge applications. The transaction, which is valued at approximately $7 million, is expected to close in mid to late summer 2003. Under the terms of the LOI agreement, Willy Zwaenepoel will join the Board of WARP Technology Holdings. WARP will also retain iMimic's 9 employees, and maintain its Houston office. Several of iMimic's founders, directors, and management team will serve on the newly developed Technology Advisory Board, which will be chaired by WARP's CTO, Greg Parker. Working with Greg Parker and Alan L. Cox, iMimic's CTO, the Technology Advisory Board includes Vivek Pai, Vijay Pai, Y. Charlie Hu, and Steve Wallach. WARP will offer the iMimic product line as hardware appliances and as software. IMimic has deployed over 2000 installations running in production worldwide. To date, iMimic's sales have been delivered through its network of OEM partners such as Stratacache and Storigen in the United States, Microbits in Australia, Pyramid in Germany, Longshine in China, and CinTel in the Asian markets.