Coreworx to Acquire Decision Dynamics Technology

March 5, 2010 at 3:37 am Leave a comment

Coreworx Inc., a subsidiary of Acorn Energy Inc., and Decision Dynamics Technology Ltd. announced they have entered into a definitive agreement whereby Coreworx will acquire all of the outstanding securities of Decision Dynamics. Upon completion of the transaction, Decision Dynamics will become a wholly owned subsidiary of Coreworx, and Decision Dynamics shareholders will receive an aggregate of 1 million common shares of Acorn Energy.

            Coreworx CEO Ray Simonson stated: “DDY’s OncoreTM Project Controls Solution with its Cost Management and Cost Forecasting capabilities is a great complement to our Coreworx Project Information Control platform, which is widely used on major capital projects. In addition, the overall strength of Acorn Energy together with Coreworx should be a great benefit to closing new business.”

            “Decision Dynamics believes that today’s announcement provides attractive value for our shareholders and customers,” said Justin Zinke, President & CEO of Decision Dynamics Technology. “The combination of project information controls and cost management information provides a great value proposition for our customers. Our shareholders, customers, partners and employees will all benefit as DDY combines with Coreworx and brings together our very complementary technology, experience and skill sets.”

            The acquisition is expected to close in April 2010.

www.coreworxinc.com

www.acornenergy.com

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Entry filed under: Asset & Portfolio Management, Data & Knowledge Management, Facilities Design Solutions, Joint Venture or Merger. Tags: , , , .

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