Vitrix Inc., a Tempe-based provider of work force management solutions for business, has entered into a letter of intent to acquire all of the outstanding capital stock of Time Spot Inc., a Phoenix-based automated time and attendance software development company.
The acquisition will be structured as an all-stock transaction and will be subject to, among other things, board approval and the execution of mutually agreeable definitive agreements.
"Time Spot is a well established time and attendance company that delivers the majority of its products through a strong network of dealers/resellers. We believe that the acquisition will provide Vitrix with excellent marketplace synergies, since there is very little overlap between the product lines and channel strategies of the two companies," said Vitrix president and CEO Thomas Bednarik.
The acquisition should be complete by late April.