Redknee Closes Acquisition of Business Support Systems from Nokia
TORONTO – March 30, 2013 Redknee (TSX:RKN), a leading provider of business-critical monetization and subscriber management software solutions for communications service providers, is pleased to announce the closing of its acquisition of Nokia's Business Support Systems (BSS) business unit. Redknee announced its intent to acquire Nokia's BSS business unit on December 5, 2012.
The completion of this acquisition marks a significant milestone in Redknee’s long-term growth strategy by increasing Redknee’s market share to include more than 200 customers across 90 countries and adding strong long-standing relationships with multiple Tier-1 operators from across the globe. Redknee will now deliver the industry’s most comprehensive portfolio of highly scalable and agile converged billing, charging, customer care, and payments solutions for mobile network operators (MNOs), mobile virtual network operators/enablers (MVNO/Es) and other communications service providers. Redknee’s expanded global organization of more than 1,600 employees will drive further innovation in its on-premise, cloud-based and Software-as-a-Service (SaaS) offerings.
Lucas Skoczkowski, Redknee’s CEO, commented:
“We are very excited about this acquisition, which creates one of the largest independent providers of real-time monetization and subscriber management software solutions for communications service providers. We will become the provider of choice for real-time monetization systems that enable our customers to excel in delivering services to their subscribers, while enhancing their growth and profitability. As we integrate the Nokia's BSS business unit into Redknee, we will continue to invest in the product roadmap, leveraging the combined product portfolio to expand and enhance our best-in-class customer focused solutions. Our commitment to delivering greater value to our customers and working closely with partners will contribute to our long-term growth strategy of continuing to increase market share and growing recurring revenues. The management team is energized by the positive feedback it has received from customers, employees and partners.”
Karl Whitelock, Global Director OSS/BSS Strategy, Stratecast | Frost & Sullivan, commented:
“Redknee’s new leadership role establishes the company as a major business solution supplier that communications service providers can work with to meet the needs of their customers, monetize innovative services, and ultimately reduce operating costs in the process. Redknee’s strategy to create high value for its customers through ongoing investment in R&D, expanding its global sales and support organization, and focusing on customer retention should position Redknee as a continued leader in the real-time revenue and subscriber management marketplace.”
Redknee will file a Business Acquisition Report within 75 days following the date hereof.
For more information about Redknee and their solutions, please go to www.redknee.com.
Certain statements in this document may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use such words as "may," "will," "expect," "continue," "believe," "plan," "intend," "would," "could," "should," "anticipate" and other similar terminology. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Persons reading this news release are cautioned that such information may not be appropriate for other purposes.
Such forward-looking statements include the statements regarding financial and other projections as well as statements regarding Redknee's future plans, objectives or performance for the current period and subsequent periods and regarding the markets for our products. 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 Redknee or a development materially adversely affecting the financial markets, 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. "Risk Factors." 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.
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SOURCE: Redknee Solutions Inc
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References to Redknee refer to the combined operations of those entities. For more information about Redknee and its solutions, please go to www.redknee.com.
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