Canaccord on Intrinsyc's 5th Soleus win
This came out before the market opened. A 5th win for Intrinsyc Software’s (ICS:TSX) Soleus platform; three during the past month alone. Another one million shares traded again today as a result, closing at $0.85. The folks who bought the $20MM equity offering in May at $0.60 will be happy. And with so many 2007-vintage Tech IPOs trading below water, the underwriters will be equally delighted (Canaccord, Raymond James, GMP and Paradigm).
Intrinsyc is a Wellington Financial Fund II portfolio company.
This from Canaccord’s Morning Coffee (their target price is $1.75):
“Intrinsyc Software (ICS : TSX : $0.85), Net Change: 0.05, % Change: 6.25%, Volume: 2,787,104
M-A-S-S-I-V-E. Intrinsyc announced its fifth Soleus win and the first with a silicon provider. The company will bundle Soleus into its chips to provide a full high-level operating system to handset vendors. Intrinsyc also secured engineering services as a part of the agreement. Financial terms were not disclosed. Canaccord Adams Technology Analyst Peter Misek says the silicon provider channel represents a new and potentially massive market opportunity for Intrinsyc. From this standpoint, Misek believes yesterday’s announcement is just as material as last week’s win with Quanta, the world’s largest notebook ODM. Misek also expects that the silicon provider channel could grow to represent a $10 million-plus annual royalty base in the
(disclosure – our Fund II owns warrants in ICS)