Symagery sells to Psion Teklogix for $4.5 million

Ottawa’s Symagery Microsystems Inc has been purchased by Psion Teklogix, Mississauga, for $4.5 million after receiving at least $30 million in venture capital financing and bridge loans. Symagery was formed in 2001as a spinoff of Orisar Inc (formerly Semiconductor Insights Inc) to develop mobile computing and wireless data applications for original equipment manufacturers serving the data capture and automatic identification markets. Among the VC backers taking a bath on the sale are VenGrowth Investment Fund Inc, Capital Alliance Ventures Inc, the Business Development Bank of Canada and the Canadian Science and Technology Growth Fund.