VITRIX completes Time Spot acquisition Tempe-based VITRIX Inc., a work force management solutions developer, has finalized its acquisition of Time Spot Inc. of Phoenix, a private time-and-attendance software development company.
The acquisition agreement was originally announced Feb. 7.
In connection with the acquisition, VITRIX shareholders approved a proposal effecting a 1-for-10 reverse stock split. In consideration for such acquisition, the company issued an aggregate of 3.15 million shares of common stock (on a post reverse stock split basis).
"Finalizing the acquisition with Time Spot is consistent with our strategy of looking for means to strengthen our existing time and attendance portfolio. With complementary products and little overlap, Time Spot will add additional product opportunities as well as increase our presence within the dealer channel," said Thomas S. Bednarik, president and chief executive of VITRIX.