Wireless Ronin Technologies, Inc., one of Minnesota’s 100 largest public companies, announced Thursday that it is merging with Salt Lake City-based Broadcast International.
The Minnetonka-based digital marketing technology firm, whose services include digital signage, said that, under the terms of the all-stock transaction, Broadcast International will receive about 37 percent of Wireless Ronin's outstanding shares.
Shares of Ronin’s stock, which appear on an "over-the-counter" market, were trading up more than 25 percent at $1.01 per share Thursday afternoon.
While the deal remains subject to certain conditions—including approval from Broadcast International shareholders—the companies expect the merger to close in the second quarter of this year.
Ronin provides strategic consulting, creative development, installation, hosting, and support for interactive digital media—including digital signage, kiosks, mobile, social media, and Web-based solutions.
“This merger combines the exceptional strengths of two of the industry’s leading technology innovators,” Wireless Ronin President and CEO Scott Koller said in a statement. “Adding Broadcast’s technology to our RoninCast content management system creates what we believe will be the most comprehensive, synergistic offering in the digital signage industry. Moreover, we expect that it will provide tremendous cross-selling and upselling opportunities across our combined customer base.”
When the deal closes, Koller, along with Wireless Ronin Chief Financial Officer Darin McAreavey, will lead the combined company. And Broadcast Director Don Harris will join the combined company’s board of directors.
Read a 2010 Twin Cities Business profile of Wireless Ronin here.