Trade Only Limited Completes Acquisition of Technologo
Manchester, England-based Trade Only Limited, a subsidiary of the Altitude Group, yesterday completed its acquisition of virtual sample software developer Technologo, Toronto.
The Altitude Group, one of the United Kingdom's largest promotional products organizations, first announced the deal to purchase Technologo from its parent company, Landmark Corporate Marketing Services, in March of this year. Trade Only Technology Services, a Canadian subsidiary of the Altitude Group, acquired the technology, customer contracts, licenses, supplier product database, trading name and other assets of Technologo for $1.9 million.
Prior to the purchase, Trade Only Limited had a license for seven years to use Technologo's virtual sample technology in the U.K. At the same time, ASI had an exclusive license to use the same software in the United States until January 2012, which was excluded from the acquisition.
Altitude Group reported that on April 8, 2011, ASI filed a request for a temporary restraining order, alleging that the acquistion breached ASI's exclusivity contract. The restraining order was not granted and the acquisition completed, but a hearing on the matter has been scheduled for May 2, 2011.
Stay tuned to PromoMarketing.com for more as the story develops.