Smith Micro Announces Acquisition of PCTEL's Mobility Solutions Group
biz.yahoo.com
Monday December 10, 4:16 pm ET
Combination Expands Customer Base Globally and Complements Mobility Software Portfolio
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Smith Micro Software, Inc. (NASDAQ:SMSI), a leading developer and marketer of software and services for the wireless market, and PCTEL, Inc., a developer of wireless broadband solutions, announced a definitive asset purchase agreement for Smith Micro Software to acquire PCTEL’s Mobility Solutions Group (“MSG”) for $59.7 million, to be paid at closing of the transaction.
PCTEL’s MSG, with their innovative technologies, has pioneered mobility solutions for cellular and IP wireless networks including advanced support for technologies such as 3G, Wi-Fi, WiMax, VoIP and IMS software for converged mobile handsets. The richly-featured portfolio of products serves wireless carriers, device manufacturers, network solution providers and enterprise customers with a complete range of communication clients for PC and mobile handset platforms.
William W. Smith, Jr., President and Chief Executive Officer of Smith Micro Software, commented, “PCTEL’s Mobility Solutions Group is the ideal complement to our existing technologies and plays to our strength in key growth markets in the wireless software universe. This acquisition not only expands our technology portfolio, but it is a significant step in the evolution of our business. This transaction will enable us to significantly broaden our customer base.”
Mr. Smith continued, “The Smith Micro Mobility Solutions portfolio of products including connection managers for PCs and mobile handsets with new support for WiMax and our next generation IMS application framework will serve to strengthen our overall leadership position in the wireless software space. We believe that with the integration of PCTEL’s customers, technologies and personnel, we will have achieved a significant milestone for the Company and expect to see continued growth of our core business in the coming years.” |
