Over-the-air software developer Insignia Solutions announced plans to acquire mi4e Device Management AB, a Swedish provider of device management software.
Insignia said the deal will allow it to offer “a more complete solution to mobile network operators and handset manufacturers.” The sale is expected to close March 1.
In a separate announcement, Insignia said it secured $12 million in equity financing, with an option for a second $12 million at Insignia’s sole discretion. Fusion previously invested $5 million in the company.
The news was offset by Insignia’s fourth-quarter revenue report, however. The company reported net losses of $2.1 million, or 6 cents per share, on revenues of $8,000. For fiscal year 2004, Insignia reported net revenues of $541,000 and a net loss of $7.1 million, or 23 cents per share.
Insignia’s stock was down 13 percent on the news, falling from 75 cents to 65 cents by mid-day Friday.
