Veramark and the Angeles Group Complete Merger
Business Editors
PITTSFORD, N.Y.--(BUSINESS WIRE)--January 10, 2000--Veramark
Technologies, Inc. (Nasdaq:VERA) announced the completion of its
merger with The Angeles Group, Inc., effective today. The Angeles
Group will be operated as a division of Veramark.
The Angeles Group had revenues in 1999 of approximately $5.3
million. Veramark's revenues in 1999 (exclusive of The Angeles Group)
were approximately $24 million. The merger will be accounted for on a
pooling of interests basis effective January 1, 2000. In consideration
for the merger, shareholders of The Angeles Group were issued 360,850
shares of Veramark common stock. In addition, Veramark has assumed
debt and merger related expenses of The Angeles Group totaling
approximately $1.7 million.
The Angeles Group flagship product, the Quantum Series, is a
comprehensive telemanagement software system for large enterprises.
The Quantum Series features integrated modules with full capability
for call accounting, directory, bill reconciliation, cable management,
inventory and PBX intruder alert capabilities. Quantum users include
IBM, Sears, Bank of Montreal, American Express, Lucas Films, National
Basketball Association, McDonalds Corporation, USAA, the US
Departments of Energy and Agriculture, the State of Mississippi, and
the Henry Ford Health Systems. Quantum runs on Windows NT
client/server platforms.
Commenting on the merger, David G. Mazzella, Veramark President
and CEO, said, "We are excited to complete this merger and to add the
very capable Angeles Group professionals to the Veramark team. We have
begun implementing our plan to rapidly realize the benefits of
integrating The Angeles Group with Veramark. We foresee significant
opportunities for cross selling of products and sharing technology. We
also intend to quickly expand The Angeles Group direct sales force." |
