Iona Acquires Netfish Technologies
Iona Technologies, an e-business platform provider, announced it has signed a definitive agreement to acquire Netfish Technologies Inc., a provider of XML-based business-to-business integration solutions. The deal is worth approximately $270 million.
The transaction is subject to the approval of shareholders of both companies, as well as customary regulatory and other conditions, and is expected to close in the second quarter.
Iona’s enterprise integration offerings enable companies to develop and integrate software applications from the mainframe to the Web. Netfish Technologies’ XML-based solutions enable companies to extend enterprise applications and business processes securely over the Internet to establish connections with partners, customers, and suppliers.
"The combination of Iona and Netfish will provide customers with benefits that extend far beyond other offerings in the market," says Ravi Iyer, CEO of Netfish. "Because the technologies are so complementary, it provides customers with a comprehensive solution for all of their e-business needs."
Netfish’s flagship product is the Netfish XDI Product Suite, a business-to-business integration platform that integrates diverse business systems and controls to manage cross-enterprise information exchange. The XDI Product Suite automates shared business processes in a workflow-driven, collaborative, real-time fashion, and provides services such as security, exception handling, and acknowledgements.
Under the acquisition agreement, Netfish CEO Ravi Iyer will become Iona’s executive vice president of market development, reporting to current Iona CEO Barry Morris.