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Omnis Technology Buys PickAx for $37.7 Million

August 25, 2000|BridgeNews

Software maker Omnis Technology Corp. said Thursday it has agreed to acquire database management systems developer PickAx Inc. in Irvine for about $37.7 million in stock.

Omnis said that it would issue around 2.7 million common shares in exchange for all outstanding common shares of PickAx Inc., parent of Pick Systems, and assume $17.3 million of PickAx's debt. The deal is expected to close in late September.

Omnis makes tools that aid the creation and deployment of enterprise and Web-based applications for Windows, Linux, and Mac. Shares of the San Carlos-based company fell 69 cents to $8.25 in Nasdaq trading.

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