we got a voice-recognition acquisition, folks -- thank hey-zeus that kobi wasn't cozing up too snuggly with the lernahoulians!
380,000 shares worth.
and aren't we still sitting on 680M shekels?
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Comverse Technology, Inc. Acquires InTouch Systems, Inc.
August 10, 1999 06:03 AM
WOODBURY, N.Y.--(BUSINESS WIRE)--Aug. 10, 1999--InTouch's Speech Recognition-Based Voice-Controlled Portal Enables Services Such As Voice Dialing, Personal Assistant & Voice-Controlled Web Browsing
Comverse Technology, Inc. (CMVT), the world's leading supplier of enhanced services platforms to wireless and wireline network operators, today announced the acquisition of InTouch Systems, Inc., a leading developer of carrier-class speech processing software and middleware for the telecommunications industry.
InTouch, based in Cambridge, Massachusetts, has developed an industry-leading natural language speech application interface based on continuous, speaker-independent, large-vocabulary speech recognition technology. Called InFlection(TM), InTouch's interface enables wireline and wireless network operators and Internet Service Providers to attract new subscribers and reduce churn by offering subscribers a natural voice interface to more easily access and manage their enhanced services. Using their own voice from any telephone, subscribers are able to dial, check e-mail and voice mail messages, manage address books and calendars, and surf the Internet to retrieve news and other information. Subscribers may also have e-mail and fax messages read to them over the phone.
InTouch's InFlection platform provides a voice-controlled portal to Internet and telephony networks, enabling network operators and Internet Service Providers to unify the access and management of a suite of services, including voice mail, fax messaging, e-mail and paging, personal information services, personal assistant services, real-time voice-based browsing of Internet-based information, voice activated dialing, and personal number services.
InFlection's modular design allows for the scalability and reliability demanded by network operators, as well as the integration with the network operator's existing network-based alarming, billing, and provisioning systems. The platform's services programming interfaces (SPIs) provide a range of options which enable network operators to create a unique user interface tailored to their specific markets and to create brand identity.
Kobi Alexander, Chairman, President, and Chief Executive Officer of Comverse Technology, said, "The increasing need to reduce the complexity of communications, as well as a growing focus on safety issues relating to using wireless handsets while driving, are fueling the demand for a single, easy-to-use voice-based interface to network-based services. The integration of InTouch's state-of-the-art voice technology applications and middleware with Comverse's wide portfolio of advanced messaging and information services positions Comverse to expand its leadership in enhanced services even further by providing our customers with leading-edge voice activated services."
Michael A. Krasner, President of InTouch Systems, said "Comverse provides the widest, most advanced range of messaging and other enhanced services in the industry and serves over 290 network operators around the world. The combination of our voice technology with Comverse's global technology and market leadership positions Comverse to lead the industry in delivering voice activated solutions and expand its markets worldwide."
InTouch will continue to operate from its existing facility. Michael Krasner will continue to head-up its operations.
Comverse Technology's acquisition of InTouch was effectuated as a tax-free, stock-for-stock transaction, which will be accounted for as a pooling of interests. Comverse issued approximately 340,000 new shares to InTouch Systems shareholders, and is assuming options to issue approximately 40,000 additional shares. One-time merger-related charges are expected not to exceed $1.5 million.
About InTouch Systems, Inc.
Headquartered in Cambridge, Massachusetts, InTouch focuses exclusively on voice-enabling new and existing enhanced services in the network operator market. InTouch develops and sells a suite of intelligent voice-controlled software applications that provide a voice portal to telephony and Internet-based services. These applications are delivered on field-proven, carrier-grade platforms. InTouch's technology gives wireless and wireline network operators and Internet Service Providers a powerful means to attract, retain, and grow their customers. For more information, visit InTouch's web site at intouchsys.com. |
