Post-Merger, MN Public Company Will Move HQ To NY
Wireless Ronin Technologies Inc., one of Minnesota’s 100 largest public companies, will move its headquarters from Minnetonka to New York upon merging with fellow marketing technology firm, Creative Realities. It remains unclear how the move will affect Wireless Ronin’s Minnesota workforce.
The companies announced the closing of their merger on Thursday, about two months after Wireless Ronin unveiled plans to be sold in a stock deal and merge with the New York-based company.
The combined entity will operate under the Creative Realities brand name and be headquartered in New York, but it will also maintain offices in the Twin Cities; Ontario, Canada; Fairfield, New Jersey and Salt Lake City.
It is still unclear how the merger will affect Wireless Ronin’s full-time employees and contractors. A company spokesman told TCB that “integration plans are currently in development.”
As of March 1, Wireless Ronin had 43 full-time employees, according to regulatory filings. Of that number, 27 worked out of the company’s Minnetonka headquarters and the remainder worked at an office in Ontario, Canada. Wireless Ronin’s revenue totaled about $6.8 million in 2013. After news of the merger’s completion, shares of Wireless Ronin’s stock were up about 1.5 percent to $0.66 per share during Thursday morning trading. Founded in 2000, Wireless Ronin has provided digital signage software and wireless communications development services to the retail and service markets.
Wireless Ronin’s previous CEO, Scott Koller, has been named president of the combined company and John Walpuck, previous chief financial officer of Wireless Ronin, will maintain that title and was also named chief operating officer. Creative Realities CEO Paul Price will serve as director and CEO of the combined company.
The company also announced a five-person board of directors, which includes independent financial consultant Kent Lillemoe, who served on Wireless Ronin’s board since 2011. Lillemoe is the only Wireless Ronin representative on the new board.
In a statement, Price cited Wireless Ronin’s cloud-based content management platform in helping Creative Realities offer clients a “one-stop, single source solution.”
“Companies no longer need to work with multiple vendors as we can provide them with a full-service offering that begins in the planning and design stage and runs all the way through in-store implementation,” Price said in a statement.
Creative Realities’ clients include Addidas, Aramark, Chrysler, KFC, Calvin Klein, Macy’s, Rite Aid and Nestle.