Vancouver’s LX Ventures has agreed to acquire Las Vegas-based Copper.io, a startup that provides a full stack developer toolset, complete tools and support to help deploy, operate and monitor apps in the Cloud.
The deal is worth 2,183,333 common shares and $500,000 cash at closing, with the potential for an additional 3,472,222 and $1,500,000 cash upon Copper achieving certain monthly revenue milestones.
“We are very excited about this signing, as Copper’s cloud technology, team, and strategy are poised for massive growth in 2014,” said LX Ventures’ Mike Edwards.
According to a release, the deal “marks another significant milestone in LX Ventures’ high growth strategy of acquiring, integrating and accelerating early stage, high potential, technology companies poised for breakout.”
“We are thrilled to be joining forces with LX Ventures. The entire Copper.io team is excited about the opportunity to execute our business plans much more rapidly with access to LX Ventures’ support, resources and relationships,” said Copper CEO Ed Byrne. ”This is truly a win-win for both parties.”