AuthentiDate to buy Zylab
AuthentiDate Holding Corp. plans to acquire Zylab International Inc. for a number of restricted shares of AuthentiDate common stock.
Authentication services provider AuthentiDate Holding Corp., Schenectady, N.Y., plans to acquire search engine software provider Zylab International Inc., Germantown, Md., for an undisclosed number of restricted shares of AuthentiDate common stock, the company announced Jan. 9.
The acquisition depends on completion of a definitive agreement of terms between the two companies and shareholder approval. A spokesperson for Zylab estimated the transaction would be completed by late February or early March.
AuthentiDate plans to expand relationships with Zylab's customer base, which includes "thousands" of commercial and government accounts, including the FBI, the Securities and Exchange Commission, the Immigration and Naturalization Service and U.N. International War Tribunal.
Founded in 1983, Zylab has sold about 700,000 search engine licenses, the company said.
John Botti, president of AuthentiDate, said Zylab "has engaged many of its largest accounts in annual maintenance contracts that will serve as a basis for introducing AuthentiDate."