PHILADELPHIA-@Road Inc. won’t buy MDSI Mobile Data Solutions Inc. after all.
The cancellation of the proposed acquisition, valued at about $86 million when it was announced in April, was made public by the two companies late Tuesday. However, the two companies have agreed to develop, market and sell each other’s products.
@Road sells mobile workforce management services; MDSI produces software to manage workers in the field. @Road said it expects to take a $2.1 million charge for the second quarter due to the cancellation of the merger. @Road’s stock fell more than 3 percent on news of the termination, and MDSI stock fell more than 8 percent.
