Comverse Technology, and Boston Technology, Complete Merger !!
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Wednesday January 14, 5:11 pm Eastern Time
Company Press Release
Comverse Technology, and Boston Technology, Complete Merger
Combination Creates The World Leader In The Supply Of Enhanced Services Platforms To Both
Wireless and Wireline Network Operations
WOODBURY, N.Y.--(BUSINESS WIRE)--Jan. 14, 1998--Comverse Technology, Inc. (NASDAQ:CMVT - news) and
Boston Technology, Inc. (formerly NYSE:BSN) announced today the completion of the merger of Boston Technology with
Comverse Technology in a tax-free, stock-for-stock transaction, which will be accounted for as a pooling of interests. As a
result of the merger, each share of Boston Technology common stock is converted into 0.65 of a share of Comverse
Technology common stock.
The combined company is called Comverse Technology, Inc., and will continue to be listed on the NASDAQ exchange. The
company headquarters will remain in Woodbury. The operations of Boston Technology will be combined with Comverse's
Network Systems Division, the largest operating unit of Comverse Technology. Comverse Network Systems Division will be
headquartered in Wakefield, Mass.
Kobi Alexander, Comverse Technology's Chairman, President and Chief Executive Officer, will continue in his present role.
Francis E. Girard, Boston Technology's President and Chief Executive Officer, becomes President and Chief Executive Officer
of Comverse Network Systems Division.
Alexander said, ''The strategic benefits of this merger are compelling for a number of reasons. This merger positions us as the
world's leading supplier of enhanced services platforms to both wireless and wireline telecommunications network operators.
Together, we have a powerful combination of technology, research and development capabilities, customer service and
support, sales and marketing, and a blue chip customer base that includes seven of the ten largest telecommunications network
operators in the world. As these and other telephone companies continue to launch and expand revenue-generating services
such as voice mail, unified messaging, information services, voice recognition-based services, text messaging, and other
personal assistant and personal communications services, we are well-positioned to participate in this growth.''
''Our companies are complementary in a number of ways,'' continued Alexander. ''Boston Technology is a leader in several
important regions, including in the United States and Japan, while Comverse is a leader in Europe and other important regions.
Boston Technology is a leader among wireline network operators and Comverse is a leader among digital wireless network
operators. Together, we have more than 200 telecommunications network operator customers, including thirteen of the world's
twenty largest telephone companies, with very little customer overlap.''
''The addition of Boston Technology's excellent management and employees to our team,'' concluded Alexander, ''brings to us
a wide range of strengths, including top-notch account management, first-class training, service and support, and solid technical
resources. They will add significant value to our organization, and will allow us, our shareholders and our customers to enjoy
the full opportunity presented in this rapidly growing market.''
Girard said, ''We are excited about this opportunity to, in one step, expand our customer base, and increase and leverage our
technological and managerial strengths and resources to take full advantage of the continued growth we see in the enhanced
services arena. This combination will bring together two teams of highly experienced, dedicated employees, with similar
corporate cultures, values and goals. This team will be able to provide our customers with an unmatched level of engineering
resources, along with a wider range of products and services to serve their rapidly expanding needs for world-class enhanced
services.''
''Comverse's excellent and experienced management team, considerable financial resources, and strong engineering staff,
which includes a large team of Advanced Intelligent Network specialists, will enable our combined company to compete and
serve our customers on a higher level,'' continued Girard. ''Together, we will be able to offer our customers the best of both
companies' products, resources, technology, research and development, and service and support.''
The combined company is committed to preserving the investment of all of its customers, and will continue to market, support
and enhance both companies' platforms. Both platforms will evolve over time, to take advantage of the expanded technology
and resource strengths of the two companies.
Comverse Technology Inc., headquartered in Woodbury, N.Y., designs, develops, manufactures and markets computer and
telecommunications systems for a variety of communications processing applications, including multimedia messaging, personal
communications and information processing systems marketed to telecommunications network operators under the names
Access NP(R) and TRILOGUE(R), multiple channel, multimedia digital monitoring systems marketed under the name
AUDIODISK(TM), and multiple channel, multimedia digital recording systems marketed under the name ULTRA(TM).
Internet users: For additional information, you may visit Comverse's web site at: comverse.com
Information contained in this release with respect to the expected financial impact of the merger is forward-looking. These
statements represent the company's reasonable judgment with respect to future events and are subject to risks and uncertainties
that could cause actual results to differ materially. Such factors include, but are not limited to, material adverse changes in
economic and competitive conditions in the markets served by the company, material adverse changes in the business and
financial condition of the company and their respective customers, and uncertainties concerning technological changes and
future product performance.
Contact:
Comverse Technology Inc., Woodbury
Kobi Alexander/Paul D. Baker
516/677-7200 |
