Redknee completes acquisition of Orga Systems
TORONTO – July 31, 2015 Redknee Solutions Inc. (TSX: RKN), a leading provider of real-time monetization and subscriber management software, is pleased to announce the closing of the acquisition of Orga Systems. Redknee had previously announced its intention to purchase Orga Systems on June 23, 2015.
“We are excited to welcome Orga Systems’s employees and customers to Redknee. We look forward to building long-term relationships together through our customer-for-life approach to the market, by engaging our employees and partners to create innovative and market leading solutions,” said Lucas Skoczkowski, Redknee’s CEO. “With support from our customers, this acquisition further accelerates Redknee’s strategic plan realization and creates one of the best positioned real-time monetization and subscriber management software companies in our space.”
The completion of this acquisition increases Redknee’s market share and strengthens the company’s technology and expertise across the communications, automotive, energy, and transportation sectors. The combined company has a comprehensive product suite addressing real-time monetization and subscriber management, catalog and order management.
Orga’s highly skilled team across Europe, Middle East, and Africa (EMEA), the Americas, and Asia Pacific will join Redknee, broadening its global reach.
The acquisition of Orga Systems broadens Redknee’s market share with customers across the telecom and non-telecom industries. Orga customers include America Moviles, Astelit, Avea, BMW, Telecom Italia Group and Meralco Philippines. The acquisition further solidifies Redknee’s position in its existing markets, and provides the foundation to pursue additional opportunities within the Internet of Things (IoT).
Further details about the acquisition can be found in the Business Acquisition Report that will be filed with the appropriate authorities within 75 days of closing the acquisition.
Peter Dykes, Editor, TM Forum commented:
“Technology has come a long way and customers are demanding more from their service providers who in turn are looking for more sophisticated and comprehensive solutions. In addition, communications support systems are becoming increasingly applicable in other markets. Redknee’s acquisition of Orga Systems reflects these changes as vendor consolidation and expansion into new verticals become the norm for those vendors looking to maintain a market-leading position.”
Such forward-looking statements include statements regarding the completion of Redknee's acquisition of Orga Systems, the combination of the two companies' product lines and the enhancement of Redknee's platform, the expansion of Redknee's market reach into new and existing markets, and the transaction being accretive to Redknee. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, a material adverse change in the affairs of Redknee or Orga Systems, challenges in integrating the businesses and product lines of Redknee and Orga Systems, the inability of Redknee's and Orga Systems products to perform as expected, and the factors discussed under the "Risk Factors" section of Redknee's most recently filed AIF which is available on SEDAR at www.sedar.com and on Redknee's web-site at www.redknee.com. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements.
Although the forward-looking statements contained in this document are based upon what Redknee believes are reasonable assumptions, Redknee cannot assure investors that our actual results will be consistent with these forward-looking statements. Redknee assumes no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.
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