Monotype Imaging Holdings Inc Acquires Design By Front Limited

Monotype Imaging Holdings Inc announced that it has acquired Design By Front Limited, developers of the Typecast application, a browser-based tool for designing Web pages with Web fonts. Monotype acquired all outstanding shares of the privately-held, 14-person firm based in Belfast, Northern Ireland, for up to $5.1 million in cash. Monotype paid $2.6 million in cash upon closing, with an additional $100,000 accrued pending final adjustments, with the remainder to be paid contingent on attainment of certain performance criteria through 2014. Employees of the newly acquired company will continue to work from their current locations, with the Belfast office serving as the main development hub for Typecast.