Burnaby's Nicer Canada Corp. (TSX-V:NC) is buying a majority stake in a Chinese radio frequency identification (RFID) software company for $5.5 million.
Nicer will acquire 67% of JM Information Technology (Shanghai) Inc. in a cash and stock deal. JMIT founder and chairman Wang Kaijiang will retain 33% of the company and continue to lead JMIT's research and development team.
The deal gives Nicer a foothold in the Chinese market and control of JMIT's commercial information management RFID software, which is used by several large companies in China. JMIT technology is used by more than 20 companies, including Zara, American Sun Microsystems (China) and Fujitsu (China).
Nicer's share price range during the past week: between $0.15 and $0.21; 52-week high: $0.25; 52-week low: $0.085.