A Lake Forest shell company has agreed to acquire a Cogility Software Corp. that will allow the privately held software company to become publicly traded.

Acquired Sales Corp., which is controlled by Lake Forest investor Gerard Jacobs, plans to acquire Cogility, based in San Jose, in a stock transaction. Terms of the deal were not disclosed. Closing of the deal is contingent on several conditions, including the completion of a 1-for-20 reverse split of Acquired Sales’ stock.

Acquired Sales, which is publicly traded, is known as a development stage enterprise and has not engaged in any operations that generate revenues. Jacobs has been looking to do a reverse acquisition with an operating entity.

Jacobs previously co-founded Metals Management, a scrap metal recycling business.