Iona Technologies, the Irish-American SOA middleware company started in 1991, has hired Lehman Brothers to advise it on its “strategic alternatives,” including sale or merger.
It said a few weeks ago it got a “very preliminary” unsolicited “expression of interest” in buying the company.
Fingers have pointed to Software AG but that may be a false trail.
Iona’s got a market cap of $130 million. Last year it lost $700,000 on revenues of $77.7 million. Two recent acquisitions are supposed to turn accretive this year.