Adaptive Solutions Buys French Data Recognition Firm
To complement the recognition technology purchased last year from Eastman Kodak (Rochester, NY), Adaptive Solutions (Beaverton, OR) has acquired Mimetics. Mimetics develops and markets high accuracy, high speed data entry recognition software for reading printed documents. "Mimetics' neural-net-based software is highly trainable, substantially faster and more accurate than anything else we've seen in the computer assisted data entry (CADE) marketplace today," said Adaptive Solutions president and CEO Dan Meub. The added technology will speed the company's penetration into the healthcare and transportation markets, he added. The deal should close by the end of March; Adaptive Solutions will then issue approximately 305,000 shares of common stock and 200,000 warrants to purchase common stock at $3 per share to Mimetics shareholders. A portion of the purchase will involve in-process R&D assets, which will be evaluated and may be written off during Adaptive Solutions first fiscal quarter.