Aptilo and Birdstep to merge their PWLAN activities

Aptilo Networks, a 2003 Tornado100 winner, and Birdstep Technology have entered into a Heads of Agreement, with the goal of merging the IP Zone division with Aptilo Networks to establish a European Public Wireless LAN software company. The merged company will operate as Aptilo Networks with Birdstep Technology as a major shareholder.
Together Nordstjernan, Aptilo's largest shareholder today, and Birdstep will inject €3.8 million into the new company.
The planned transaction is based on an estimated market value of €16.4 million of Aptilo Networks, and an estimated market value of €8.8 million of Birdstep's IP Zone division. After injecting the IPZone division and €2.7 million in cash, Birdstep will hold close to 40% of the combined company, which is valued at €28 million.
Aptilo Networks develops system solutions for PWLAN (Public Wireless LAN), also referred to as hotspots or Wi-Fi areas. The solution is designed and developed to meet the needs of telecom operators, ISPs and other service providers providing professional, carrier-class access, and public WLAN services. The company is based in Stockholm, Sweden, with regional offices in Malaysia and Texas. Aptilo systems are up and running in 30 countries on 5 continents.
Birdstep Technology is traded on the Oslo Stock Exchange (OSE). The company has headquarters in Oslo, Norway and Seattle, US and it has a number of international offices. Birdstep's small footprint, database technologies combined with its wireless roaming and access software enables companies to build solutions for embedded systems and the Mobile Internet.

Source: Tornado