Completion of Disposal (6843Y)
30 December 2010 - 3:44AM
UK Regulatory
TIDMFTS
RNS Number : 6843Y
F.T.S-Formula Telecom Solutions Ltd
29 December 2010
FOR IMMEDIATE RELEASE
FTS Completes its Sale of its North American business to PAETEC
FAIRPORT, N.Y. and Herzliya, Israel | December 28, 2010 | PAETEC
Holding Corp. (NASDAQ GS: PAET), a FORTUNE 1000 company, and FTS
Ltd. (LSE: FTS) a global provider of billing, customer care and
policy control solutions for communications and content service
providers, announced the completion of the sale of assets and
certain liabilities of Formula Telecom Solutions, Inc., a
wholly-owned subsidiary of FTS, to PAETEC Software Corp, which was
originally announced on December 10th, 2010.
The acquisition includes the Leap RevChain billing system which
PAETEC has been using to deliver its invoices to customers for over
12 years. PAETEC announced that the Leap RevChain product will be
renamed, "RevChain" and will become part of the newly formed
RevChain Solutions division of PAETEC Software Corp.
"We are thrilled to have Shaul Ganel and his team launch
RevChain Solutions today as a division of PAETEC Software," said
Robert Moore, PAETEC executive vice president and CIO. "RevChain is
one of the strongest telecom and B2B billing solutions available
today. We plan on not only accelerating its innovation and
development as part of PAETEC Software, but will maintain
RevChain's well-deserved reputation for world-class customer
service."
"PAETEC will benefit from both a powerful billing platform and a
great team," said Amos Sivan, FTS' CEO. "We are proud of the work
we have done at FTS Inc., and we will now continue our focus on
delivering innovative and flexible billing and policy control
solutions."
FTS will continue to offer solutions that will assist leading
carriers to increase both revenues and customer satisfaction, as
well as use their BSS as an enabler to drive the creation of new
products and services.
###
About PAETEC
PAETEC (NASDAQ: PAET) is personalizing business communications
for medium and large businesses, enterprise organizations and
institutions across the United States. We offer a comprehensive
suite of IP, voice, data, and Internet services, as well as
enterprise communications management software, network security
solutions, CPE, and managed services. For more information, visit
www.paetec.comwww.paetec.com or www.revchain.com.
About FTS
FTS (LSE: FTS) is a leading provider of billing, customer care
and policy control solutions for communications and content service
providers. By analyzing events from a business standpoint rather
than just billing them, FTS allows providers to better understand
their customer base and leverage business value from every event
and interaction. FTS deploys its full range of end-to-end,
stand-alone and add-on solutions to customers in over 40 countries
and implements solutions in wireless, wireline, cable, content and
broadband markets including multiple cross-network installations.
Serving the evolving needs of telecommunications providers, the
company's operations comprise international R&D locations and
strategically-located sales support offices worldwide. Further
information is available at www.fts-soft.com.
For further information please contact:
PAETEC Media Contact PAETEC Investor Contact FTS Media Contact
Chris Muller Pete Connoy Moshe Peterfreund
(585) 340-8218 (585) 340-2649 +972-9-952-6500
chris.muller@paetec.com peter.connoy@paetec.com press@fts-soft.com
Joshua PR for FTS Seymour Pierce Limited
Patrick Smith Mark Percy
+44 7734 600 553 +44 (0)207 107 8000
patrick.smith@joshuapr.com markpercy@seymourpierce.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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