RA'ANANA, Israel, April 1, 2015 /PRNewswire/ --
MTS - Mer Telemanagement Solutions
Ltd. (Nasdaq Capital Market: MTSL), a global provider of mobile
virtual network enabler, mobile money and telecommunications
expense management solutions and services, today announced that the
shareholders of Mer Telemanagement Solutions Ltd. ("MTS") at an
extraordinary general meeting of shareholders overwhelmingly
approved the acquisition of Vexigo Ltd. ("Vexigo"), a
privately-held Israeli-based software company supporting video
advertising over the internet and mobile devices.
Subsequent to the shareholder vote, the closing of the
transaction was completed. Under the terms of the agreement,
MTS acquired 100% of the outstanding shares of Vexigo in
consideration of the payment of $3
million at closing and two future payments of $500,000 each. In addition, at closing MTS issued
40% of its ordinary shares post-closing to Vexigo's shareholders.
The agreement further provides for earnout payments of up to
$16 million over a 5.5 years period
from the closing date, based on the earnings of the Vexigo product
line.
Vexigo will now operate as a wholly-owned subsidiary of MTS and
its results will be consolidated in the financial statements of MTS
as of April 1, 2015.
In connection with the closing of the transaction, Mr.
Isaac Ben-Bassat resigned as a
member of our board of directors and Mr. Tzvika Friedman and Mr. Adi Orzel were appointed as members of our board
of directors.
"We are excited about this acquisition, which we believe will
benefit our customers, partners, employees and shareholders," said
Lior Salansky, CEO of MTS. "With
this acquisition, we believe that we will have the scale and
resources to expand our market position."
"This transaction is in line with our business objectives and it
is an important step in carrying out our strategy to enhance our
business and increase shareholder value by making accretive
acquisitions and entering into new business areas," said Mr.
Chaim Mer, Chairman of the Board of
the Company. "We welcome Tzvika
Friedman and Adi Orzel to our
board of directors," added Mr. Mer.
MTS further announced today all of the proposed resolutions were
adopted and approved by the required majority at the extraordinary
general meeting of its shareholders held on April 1, 2015. For more information, please see
the Notice and Proxy Statement relating to the 2015 extraordinary
general meeting of shareholders furnished on Form 6-K to the
Securities and Exchange Commission on February 18, 2015.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is a global provider of
innovative products and services for telecom expense management
(TEM), enterprise mobility management (EMM), mobile virtual network
operators and enablers (MVNO/MVNE), billing mobile money services
and solutions and an IOT/M2M enablement platform used by mobile
service providers.
The MTS TEM Suite solution enables enterprises to gain
visibility and control of strategic fixed and mobile telecom
assets, services and IT security policies that drive key business
processes and provides a crucial competitive advantage. The
MTS cloud, consulting and managed services solutions - including
integrated management of invoices, assets, wireless, optimization,
usage, mobile device management, procurement, help desk and bill
payment, along with dashboards and reporting tools - provide
professionals at every level of an organization with rapid access
to concise, actionable data.
The MTS solution for M2M (Machine to Machine) and Internet of
Things (IoT) service providers is a comprehensive, proven and
highly scalable cloud-based IoT enablement platform. The platform
supports all business, operational, management and analytics
services, features and functionality requirements of M2M and IoT
service providers.
MTS's solutions for wireless and wireline telecommunication
service providers are used for interconnect billing, partner
revenue management and for charging and invoicing services. The MTS
MVNE services enable the quick launch of new MVNO initiatives in
pay as you grow and revenue share models. In addition, MTS
has pre-configured, full-features and scalable solutions to support
emerging carriers of focused solutions (e.g. IPTV, VoIP, WiMAX,
MVNO).
Headquartered in Israel, MTS
markets its solutions through wholly owned subsidiaries in
the United States and Hong Kong and through distribution channels.
MTS shares are traded on the NASDAQ Capital Market (symbol MTSL).
For more information please visit the MTS web site:
http://www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission
Company Contact:
Alon Mualem
CFO
Tel: +972-9-7777-540
Email: Alon.Mualem@mtsint.com
SOURCE MTS - Mer Telemanagement Solutions Ltd.