Audio technology developer DTS Inc. is acquiring broadcast radio software company Arctic Palm Technology Inc.
Terms of the deal between DTS, in Calabasas, and Arctic Palm, in Ontario, Canada, were not disclosed.
DTS Chief Executive Jon Kirchner said the transaction shows the company’s commitment to delivery of the best entertainment experience to listeners anywhere, any time, on any device.
"The acquisition of Arctic Palm contributes meaningful capabilities to our portfolio of broadcast products and will enable our broadcast radio partners to meet the changing demands of their audience,” Kirchner said in a prepared statement.
Arctic Palm, founded in 1997, develops call screening, contest and promotion management and workflow software used by more than 2,700 radio stations, including those operated by NPR, Bell Media and Cumulus Media.
DTS did the transaction as it waits to close on its acquisition by Tessera Technologies Inc., in San Jose, in a deal valued at $850 million. That deal is expected to be completed by the end of the year or early next year.
The Arctic Palm deal was announced Thursday. DTS shares closed Friday down 13 cents, or a fraction of a percent, to $42.30 on the Nasdaq.