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BSQR > SEC Filings for BSQR > Form 8-K/A on 26-Mar-2009All Recent SEC Filings

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Form 8-K/A for BSQUARE CORP /WA


26-Mar-2009

Completion of Acquisition or Disposition of Assets, Financial Statements and E


Item 2.01. Completion of Acquisition or Disposition of Assets.

On November 18, 2008, the Company and TestQuest entered into an Asset Purchase Agreement (the "Agreement") pursuant to which the Company purchased certain assets of TestQuest, primarily intellectual property, including automated mobile and embedded device and application testing products, equipment, customer contracts and accounts receivable, for an aggregate cash purchase price of $2.1 million, after making permitted adjustments. The purchase price was paid from the Company's cash on hand. The Company also assumed $190,000 in current liabilities, including employee-related liabilities and expenses, as well as additional ongoing obligations related to continued operations of the TestQuest business. Of the total cash purchase price, $1.9 million was paid prior to, or at, closing, and the remaining amount was paid on December 5, 2008. In addition, the Company hired 22 TestQuest employees and has been utilizing the services of three former TestQuest contractors. The Agreement includes customary representations, warranties and covenants.



Item 9.01. Financial Statements and Exhibits.

(a) Financial statements of business acquired. Financial information for TestQuest will be filed by amendment to the Current Report on Form 8-K as soon as practicable following the conclusion of our ongoing dialogue with the staff of the SEC as described above.

(b) Pro forma financial information. Pro forma financial information reflecting the acquisition of TestQuest will be filed by amendment to the Current Report on Form 8-K as soon as practicable following the conclusion of our ongoing dialogue with the staff of the SEC as described above.


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