Wednesday, February 27, 2008

Ibis picks bank to seek possible buyers

Ibis Technology Corp. reports it has enlisted investment bank BlueLake Partners LLC to determine the future of Ibis, including a potential sale of the company or its assets. No decision has been made whether Ibis would conduct transactions after the strategy assessment, company officials said.

Danvers-based Ibis (Nasdaq: IBIS), founded in 1987, develops implantation equipment for the semiconductor industry and employs about 30 workers.

In December 2007, Ibis appointed Martin Reid as CEO after the unexpected death of former CEO Charles McKenna. During fiscal 2006, Ibis reported net income of $400,000 on revenue of $13.9 million.

BlueLake Partners, which operates an office in Londonderry, N.H., is a technology investment bank that advises clients on mergers and acquisitions and investments.