Intellisync Corporation to be Acquired by Nokia
SAN JOSE, Calif., Nov 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Intellisync Corporation ( NASDAQ:SYNC), the leader in platform-independent wireless messaging, announced today that Intellisync has signed a definitive agreement to be acquired by Nokia ( NYSE:NOK), a world leader in mobile communications. Under the terms of the agreement, Intellisync stockholders will receive USD 5.25 per share in cash for each Intellisync common share, implying an enterprise value of approximately USD 430 million or approximately EUR 368 million (on a fully-diluted basis).
This acquisition, which is subject to customary regulatory approvals and the approval of Intellisync's shareholders, underscores Intellisync's position in the mobile industry and its leadership in the carrier and enterprise markets in providing multi-device, multi-platform wireless software, mobile applications and synchronization. The acquisition of Intellisync supports Nokia's goal to be the leader in enterprise mobility and enhances the ability of its customers to connect devices to data sources, applications and networks.
"This agreement recognizes the key roles that Intellisync and our people play in the mobile market, and reflects the power of our brand, our products, our team and our technology," said Woodson 'Woody' Hobbs, president and chief executive officer of Intellisync. "Our combined teams will present the most compelling mobility offering to enterprises and carriers all over the world. With a platform-independent and device-agnostic mobile software offering, Intellisync has long been committed to delivering on the mobility needs of wireless carriers and enterprises, and we've built a leadership brand in the mobile marketplace. Intellisync's market leadership in platform-independent push email, device and systems management, mobile application deployment, integrated messaging, data and file synchronization, and mobile security is validation of the company's success with carriers and enterprise customers alike."
Intellisync has been at the forefront in enterprise mobility applications and device mobility with its wireless messaging software and delivers some of the largest deployments of wireless email and mobile software over the widest array of devices and application platforms across enterprises and carrier networks all over the world. Intellisync technology allows for synchronization of data and files with high levels of accuracy and security across some of the most complex software applications. Over the past few years Intellisync has created a leading brand in the mobile software market with an award-winning wireless portfolio. "Powered by Intellisync" has become synonymous with "any device, any platform, any mobile application," and the company has been setting the standards in enterprise mobility applications in recent years with its wireless email, device management and mobile application software.
Building on the recent launch of Nokia Business Center, a software solution enabling push email and other collaborative business applications, this acquisition underscores Nokia's commitment to be the leader in enterprise mobility. With Intellisync, Nokia will be able to offer its customers the ability to connect practically any device to any data source, application, or network, empowering companies as they make mobility a de facto way of doing business.
"Enterprises face increasing challenges when it comes to selecting devices, enabling access to email and securing corporate data, while carriers are facing more and more complexity to support these demands. We want to make it simple for our business customers to mobilize their workforces no matter what their starting point," said Mary McDowell, executive vice president and general manager, Nokia's Enterprise Solutions business group. "Based on our customers' needs, we identified the acquisition of Intellisync as the best way to provide solutions to these challenges. The combination of our portfolios and the addition of the Intellisync team will make Nokia the core mobility provider for businesses of all sizes."
The acquisition is expected to be completed within three to four months, pending regulatory approval, other customary closing conditions and the approval of Intellisync's shareholders.
Evercore Partners acted as financial advisors to Intellisync in this transaction.
A conference call for investors, analysts and media will take place on Wednesday, November 16th, 10:15 -11:15 AM Eastern Time
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