The company is exercising its option to acquire CTI for a total of $11 million.
VoIP technology company AudioCodes (Nasdaq: AUDC; TASE: AUDC) announced yesterday that it would exercise its option to purchase the remaining outstanding shares of CTI Squared Ltd., a provider of enhanced messaging and communications platforms for $10 million.
CTI was founded in 1996 and began collaborating with AudioCodes in September 2005 on the development of a joint telecommunications services solution. CTI’s investors include Pitango Venture Capital, Eucalyptus Ventures (Tamir Fishman Venture Capital (TASE: TFVC), Amdocs (NYSE: DOX), JP Morgan, and SBC.
In February 2006, AudioCodes acquired 10% of the outstanding shares of CTI for $1 million, in cash. AudioCodes intends to exercise the option it also obtained to acquire the remaining shares of CTI for a total of $10 million, $5 million in cash payable by February 28, 2007 and $5 million in cash payable by February 28, 2008.
Published by Globes [online], Israel business news - www.globes.co.il - on February 5, 2007
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