Comverse CEO Zeev Bregman: The combination enhances Comverse’s ability to address demands for open instant messaging and communications applications.
Comverse Technology (Nasdaq: CMVT) subsidiary Comverse is buying instant messaging company Odigo at a value of $20 million. Prior to the acquisition, Comverse Technology was a strategic partner with Odigo holding an equity position of approximately 12.4%, which it acquired for $3 million. Comverse is now paying $17 million cash for the remaining shares.
Comverse CEO Zeev Bregman said, “Comverse and Odigo have had a long standing-partnership and together have developed instant communications products and services that we have recently begun to offer to operators around the world. We are now taking this partnership to the next level. The combination of Comverse and Odigo offerings enhances Comverse’s ability to address the emerging market demands for open instant messaging and communications applications. Further, the integration of Odigo’s instant messaging server and presence management engine with Comverse’s messaging solutions, such as voicemail, email, unified messaging and MMS, has strengthened our total messaging suite. We welcome the opportunity to serve Odigo customers, which include, NEC Corp. and Sunrise Communications.”
Published by Globes [online] - www.globes.co.il - on 20 May 2002