Syniverse Technologies Acquires ITHL
19 June 2006 - 9:00PM
Business Wire
Syniverse Technologies (NYSE:SVR): -- Syniverse acquires a leading
Asia-based telecommunications solutions provider for up to US$45
million in cash -- The acquisition brings a complementary customer
base, advanced new products and development capabilities, and
in-region support to Syniverse Syniverse Technologies (NYSE:SVR), a
leading provider of mission-critical technology services to
wireless telecommunications companies worldwide, today announced
that it has acquired Interactive Technology Holdings Limited (ITHL)
for up to US$45 million, including earn-outs of up to US$7 million,
payable in cash. Headquartered in Hong Kong, ITHL is a leading
provider of value-added services to carriers in the Asia Pacific
region. It has approximately 180 employees and nine regional
offices, including offices in Singapore, Malaysia and Taiwan. The
acquisition expands Syniverse's footprint in the Asia Pacific
region and adds a complementary customer base, new products,
advanced development capabilities and inregion customer support.
"The acquisition of ITHL is an important step in Syniverse's
strategic plan for global expansion and product development," said
Tony Holcombe, president and CEO of Syniverse Technologies. "ITHL
provides many new customers, most of whom are GSM operators, and a
strong set of advanced products, including prepaid, messaging,
video and number portability products that complement Syniverse's
existing suite of services. Additionally, ITHL expands our presence
and provides us with additional development capabilities in the
heart of the world's most advanced wireless market." Raymond
Cheung, CEO of ITHL, said, "The combination of Syniverse and ITHL
represents a strong strategic fit, and this allows each company to
expand sales and marketing opportunities. With complementary
product sets, ITHL is able to leverage Syniverse's scale and global
customer base. Asia is a leader in 3G products and adoption, and
ITHL has been a leader in that area of development. We now have an
opportunity to provide these products to other operators around the
world." The acquisition will be accounted for as a purchase
transaction and is expected to be accretive to earnings in 2006.
About Syniverse Syniverse is a leading provider of mission-critical
technology services to wireless telecommunications companies
worldwide. Syniverse solutions simplify technology complexities by
integrating disparate carriers' systems and networks in order to
provide seamless global voice and data communications to wireless
subscribers. Carriers depend on Syniverse's integrated suite of
services to solve their most complex technology challenges and to
facilitate the rapid deployment of next generation wireless
services. Syniverse provides services to over 350
telecommunications carriers in more than 50 countries, including
the ten largest U.S. wireless carriers and six of the ten largest
international wireless carriers. Headquartered in Tampa, Fla.,
U.S.A., Syniverse has offices in major cities throughout North
America, The Netherlands and the United Kingdom and a global sales
force in the United Kingdom, Luxembourg, France, Italy, China, Hong
Kong, Brazil, Slovakia and India. For more information, visit
http://www.syniverse.com. Cautions about Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These include, but are not limited to, statements regarding the
Company's plans, intentions and expectations. Such statements are
inherently subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those
projected. Given these concerns, investors and analysts should not
place undue reliance on forward-looking statements.
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