TigerLogic, a company with a market cap of about $56 million that provides data management and app development solutions for enterprises, said it agreed to acquire Portland mobile developer Storycode for up to $7.25 million in cash and stock today.
The Irvine-based company says it will integrate Storycode’s technology into its social visualization platform called Postano. Yes, “social visualization” platform is a little vague, but basically Postano lets brands embed widgets with content froms social networks on their sites. They also offer an internal dashboard that lets clients monitor what people are saying about them on Twitter or Facebook, and they can also help with creating custom Facebook tabs and apps.
Storycode has a mobile app publishing platform that media companies like Thomson Reuters, USA Today, NBC and CBS use to create iPhone and iPad apps. The mobile publishing platform will plug right into TigerLogic’s Postano product.
According to an SEC filing, each share of Storycode’s stock will be converted into $6.75 million worth of TigerLogic’s stock. On top of that, a single share of preferred stock in Storycode will get converted into the right to receive $250,000. TigerLogic is also giving Storycode $100,000 in bridge financing and is taking on up to $150,000 in the company’s liabilities.
Storycode actually has been through one previous acquisition. It was previously called FreeRange Communications after it spun out of Handmark in 2011. The company changed its name to Storycode last May after acquiring a Portland-based mobile agency.