Video-based sensor manufacturer Odetics Inc. has entered into a letter of intent to sell the assets of its MAXxess Systems Inc. subsidiary in a transaction structured as a management buy-out. The senior management team of MAXxess is participating in the transaction.
Assets subject to the transaction include StealthKey, a security management technology developed by Odetics. Terms and pricing were not disclosed.
The transaction is subject to the negotiation and completion of a final definitive purchase agreement. Commenting on the agreement, Greg Miner, CEO stated, “Completion of the sale of MAXxess assets to the management team provides the best continuity for support and service of MAXxess customers, and represents a significant step in the transformation of Odetics to a model focused entirely on the business of Iteris Inc.”
