Quartzsea Acquisition (QSEA) has agreed to merge with Eight Directions Technology in a transaction that values the company at about $515 million on a pre-money equity basis, the company said Wednesday.

Under the deal, Quartzse and its subsidiaries will combine with Eight Directions, with the surviving entity becoming a publicly traded company listed on Nasdaq, subject to regulatory and shareholder approvals.

The boards of directors of both companies have approved the proposed transaction, the company added.