Protus IP solutions sold to CA-based j2 Global

Ottawa-based Protus IP Solutions Inc has been purchased by j2 Global Communications Inc, Los Angeles CA, for $213 million in cash. The company was founded in 1997 by two Univ of Ottawa graduates who quickly grew the firm to $72 million this FY by selling its Internet fax technology (software-as-a-service) to customers in developing nations. The firm is backed by several venture capital firms including EdgeStone Capital Venture Fund, BEST Discoveries Fund, Covington Capital and Bank of Montreal Capital Corp. j2 Global is a larger firm and Protus's main competitor. The two firms have clashed in court recently over IP issues. Job cuts are anticipated as j2 will spend $15 million on integration over the next nine months….