Folsom-based Internet Patents Corp., a patent licensing business focused on protecting e-commerce technologies, says it has completed its merger with a Nebraska firm doing similar work.
Omaha-based Prism Technologies LLC focuses on intellectual property licensing and technology research and development.
Plans to merge were announced in November last year. A majority of IPC stockholders approved the merger at a March 17 meeting, the local company said.
Under previously announced merger terms, IPC agreed to pay $16.5 million in cash, minus any debt that is not related to patent acquisitions, and issue 3.5 million shares of its common stock to Prism shareholders, plus other considerations.
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Prism becomes a wholly owned subsidiary of IPC and will operate the patent licensing business for all Prism and IPC patents. The combined company has about a dozen employees, with Gregory Duman, Prism’s president, joining IPC’s board of directors.
The combined entity’s shares are traded on the Nasdaq stock market under the ticker symbol PTNT.
Call The Bee’s Mark Glover, (916) 321-1184.