Vsource Set to Buy Los Angeles Business

Online Transaction Technologies Inc. in Los Angeles said it has signed a preliminary agreement to be acquired by Vsource Inc. of Ventura for $7 million, to be paid in Vsource stock.

The company said its largest shareholder, Cumetrix Data Systems Corp., also voted in favor of the transaction.

“It is essential in this marketplace that developing technologies be able to expand quickly under a well-capitalized business model,” said John Botdorf, chairman of Cumetrix. “The Vsource transaction allows us the opportunity to make a meaningful return on our initial investment for Cumetrix shareholders while positioning our stake in a much larger company.”

Online Transaction Technologies is an Internet exchange service provider. Vsource manufactures Virtual Source Network, which allows businesses to automate all aspects of their corporate procurement.