INSCI Corp. soon to be renamed insci-statements.com, announced that it has signed a definitive agreement to acquire privately held Internet Broadcasting Company (IBC) of Pompano Beach, Fla. The acquisition represents an important step in INSCI’s strategy to establish itself as a leading worldwide provider of both Internet portal-based applications services and on-site, enterprise software solutions for secure high-volume electronic document management and delivery. IBC will become a key part of the new INSCI business unit for Internet-based statement and bill presentment application services and continue to operate from its facilities in Pompano Beach. Under terms of the agreement, INSCI will acquire all the stock of IBC in exchange for shares of INSCI Common Stock. Both companies’ boards of directors have approved the acquisition and final closing is expected within 30 days, pending completion of customary closing conditions. Further terms were not disclosed. INSCI has formed a separate business unit to market and sell statement and document presentment services worldwide through direct and reseller channels. The company’s Internet statement services are targeted primarily at business-to-business applications but can also be integrated with portal services geared to consumers. Services will be provided on a per-transaction basis and encompass enrollment/subscription, electronic storage, management and distribution of statements, transaction confirmations, bills and other types of commercial documents. www.insci.com
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