November 28, 2023
News World

Idis announced merger with Costar

The Merger Agreement has been unanimously approved by the boards of directors of each of Idis and Costar. Completion of the Merger will be subject to approval by the stockholders of Costar. The board of directors of Costar has recommended that Costar stockholders approve the transaction and adopt the Merger Agreement at a special meeting of the stockholders of Costar to be called in connection with the merger transaction. Stockholders collectively holding approximately 45% of the outstanding shares of Costar common stock have entered into voting and support agreements pursuant to which they have agreed, among other things, to vote their shares of Costar common stock in favour of the merger transaction.

“Leveraging Costar’s established distribution networks and sales channels in the U.S. gives a significant boost to Idis’ growth strategy, which is founded on building long‐term relationships with systems integrators. With this acquisition, Idis will diversify and synergise its presence in the government sector and intelligent transportation systems. Driving our business in these, previously hard‐to‐penetrate areas and expanding into new markets, will provide a foundation for building our business not only in the U.S., but globally,” said Kim Young-Dal Idis CEO.

Idis will continue using the Costar name, with Costar becoming a wholly owned subsidiary of Idis. The present Costar management team and employees are expected to join Idis following the closing of the acquisition. Scott Switzer will continue in his role as CEO.

The exclusive financial advisor for Idis is NMC Resource Corporation and for Costar is Imperial Capital. Legal advisors for Idis are McMillan LLP and for Costar are DLA Piper.

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