|PRINT | CLOSE WINDOW|
Virginia-based Lexington Technology Group Inc., a company that plans to merge with Rochester’s Document Security Systems Inc., announced Tuesday it has made a strategic investment it expects to have a positive impact on the combined company.
LTG, a privately owned intellectual property asset management group, and DSS announced plans to merge in October. The pending merger is expected to close during the second quarter.
Once the deal is approved, the combined company will operate as Document Security Systems, while LTG will become a wholly owned subsidiary.
LTG Tuesday said it has made an investment in Massachusetts-based VirtualAgility Inc., a developer known for creating programming platforms that can facilitate the creation of advanced business applications without the need for tedious programming or coding.
The deal gives LTG a minority stake in VirtualAgility, with the potential to expand its ownership. LTG officials said the investment in VirtualAgility will fall under the umbrella of DSS once the merger is complete.
“LTG’s investment in VirtualAgility reflects our commitment to supporting operating businesses that hold strong IP rights,” said Jeff Ronaldi, LTG’s CEO, in a statement. “The stake complements our acquisition of Bascom Research LLC in 2012, and it will be relevant to DSS, particularly to its AuthentiGuard product line, which will benefit from the VirtualAgility collaborative development tools.”
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.