Diversinet Inc. said Thursday that Ubiq Communications Inc., a developer of interactive wireless communications systems for the financial services industry, has agreed to be acquired.

Toronto-based Diversinet is a fast-growing provider of an efficient form of digital certificate technology that is well-suited to small wireless devices that cannot easily handle long and complex data encryption calculations.

The company expects to close the deal by Oct. 31 and thereby "accelerate its wireless e-commerce security efforts in the United States," said Diversinet president Nagy Moustafa.

The purchase price for Ubiq, based in Mahwah, N.J., is $1 million in stock, but that could jump by $2 million if certain revenue milestones are achieved.

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