Intelligent Digital Integrated Security Co., Ltd. (KOSDAQ : A143160) entered into an agreement to acquire Costar Technologies, Inc. (OTCPK : CSTI) on $23.2 million March 23, 2023. Under the agreement, IDIS will pay approximately $23.2 million, subject to customary purchase price adjustments, inclusive of approximately $13.0 million to retire Costar's bank debt and with the remainder going to the holders of Costar common stock and vested options after payment of transaction expenses. The acquisition will be funded by existing cash reserves of IDIS. IDIS will continue using the Costar name, with Costar becoming a wholly owned subsidiary of IDIS. The present Costar management team and employees are expected to join IDIS following the closing of the acquisition. Scott Switzer will continue in his role as Chief Executive Officer. The agreement has been unanimously approved by the boards of directors of each of IDIS and Costar. Completion of the merger will be subject to approval by the stockholders of Costar. The merger is expected to close during the second quarter of 2023. As of may 30, 2023 transaction is expected to close on June 13, 2023. As on June 16, 2023, expected completion date has been extended to September 26, 2023.

NMC Resource Corporation acted as financial advisor to IDIS and Imperial Capital acted as financial advisor to Costar. McMillan LLP acted as legal advisors to IDIS and DLA Piper acted as legal advisor to Costar.

Intelligent Digital Integrated Security Co., Ltd. (KOSDAQ : A143160) completed the acquisition of Costar Technologies, Inc. (OTCPK : CSTI) on August 18, 2023. Following the acquisition, Costar will continue to operate as a wholly-owned subsidiary of IDIS and Costar Shares will be delisted from the OTC Markets Group.