Vancouver headquartered Intrinsyc Technologies is being acquired by NASDAQ-listed Lantronix in a cash and share transaction valued at US $27 million.

TSX-listed Intrinsyc is a provider of solutions for the development of embedded and Internet of Things (IoT) products.

Based in Irvine, CA, Lantronix is a global provider of secure data access and management solutions for IoT assets.

Under the terms of the transaction, Intrinsyc shareholders will receive a combination of cash and Lantronix shares for every common share of Intrinsyc representing a premium of 27.9% to the volume weighted average price of Intrinsyc common shares on the TSX for the ten trading days prior.

According to today’s announcement, the transaction promises to provide Intrinsyc shareholders with continued exposure to the growth potential in IoT markets as Intrinsyc shareholders will own approximately 16% of the stock of Lantronix post-transaction.

Tracy Rees, Intrinsyc’s President and Chief Executive Officer, added “This transaction brings together Intrinsyc’s advanced technology solutions that enable the creation and commercialization of intelligent connected devices with Lantronix’s growing IoT platform to expand our product portfolio and market opportunities”.