Albuquerque-based Muse Technologies has signed a letter of intent to acquire Advanced Visual Systems (AVS). Upon completion of the deal, a user base of over 12,000 is claimed, supported out of 15 international offices. The transaction will involve the issue of up to 2.1 million Muse shares (19%) to be exchanged for outstanding AVS stock. Up to 1.3 million stock options will be issued and Muse will assume around $2 million of AVS’ debt. MUSE and AVS plan to integrate their product lines, and a web version of AVS’ OpenViz, dev kit is in in the pipeline.
dominate
Brian Clark, Muse president said “With visualization and perceptual computing poised to migrate onto the desktops of worldwide business users, our plan to dominate the marketplace is strengthened and expedited by a joining of Muse and AVS.” AVS’ Russ Barbour will be president of the new Muse AVS subsidiary. MUSE headcount will double to 170.
oil and gas
AVS has previously been active in oil and gas with service sector clients such as PGS, and Schlumberger. Oil companies such as BP Amoco, Exxon and Texaco have all used AVS tools in the past. But AVS’ visibility in oil and gas has diminished of late. Muse is also technology provider to Continuum Resources. More from www.musetech.com.
© Oil IT Journal - all rights reserved.