Comverse Technology, Inc. Completes Acquisition Of Loronix Information Systems, Inc.
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Monday July 17, 9:05 am Eastern Time
Company Press Release
Comverse Technology, Inc. Completes Acquisition Of Loronix Information Systems, Inc.
Loronix's Networked Digital Video Management Systems And Live Internet Video Streaming Technology To Be Leveraged With Comverse's Voice, Fax, And Data Processing Leadership
WOODBURY, N.Y.--(BUSINESS WIRE)--July 17, 2000-- Comverse Technology, Inc. (Nasdaq:CMVT - news), the world's leading supplier of software and systems enabling enhanced services for wireless and wireline network operators, and a leader in digital recording and monitoring systems for contact centers, e-commerce and CRM (Customer Relationship Management) applications, today announced it has completed the acquisition of Loronix Information Systems, Inc., (formerly Nasdaq:LORX) a leading developer of software-based digital video recording and management systems.
The tax-free, stock-for-stock transaction, will be accounted for as a pooling of interests. As a result of the acquisition, each share of Loronix common stock is converted into 0.385 of a share of Comverse Technology common stock, resulting in approximately 1,995,000 newly-issued Comverse shares. Comverse has also assumed Loronix's outstanding options.
Loronix, based in Durango, Colorado, is a leader in the supply of software-based digital video management systems based on its core technologies in areas including video recording, storage, networking and live Internet video streaming technology. These systems are used in a variety of applications and industries.
Kobi Alexander, Chairman, President, and CEO of Comverse Technology, Inc., said, ``Loronix is a technology and market leader in the field of software-based digital video recording, storage, compression, networking and real-time streaming. We believe video communications processing is a fast growing area that is a logical extension to our leadership position in voice, fax, and data communications processing.''
Dan Bodner, CEO of Comverse Infosys, Inc. said, ``The addition of digital video recording to our digital voice, data and e-commerce recording will provide our customers with complete multi-media solutions for contact centers, CRM and other applications.''
David Ledwell, CEO of Loronix, said, ``Comverse has a reputation as one of the world's finest, most innovative, and best managed high technology companies. Comverse has a large and growing base of customers throughout its organization. We believe that Comverse's established position in the telecommunications and call center markets will open up many opportunities for Loronix's products and technologies.''
Loronix will continue to operate from its existing facility. Current Loronix management will continue to head-up its operations.
About Loronix Information Systems, Inc.
Headquartered in Durango, Colorado, Loronix Information Systems develops, markets, sells and supports a family of software-based digital video recording and identification management systems. Loronix is the world leader in networked digital video management solutions with an extensive installed base of Internet-enabled digital video recorders.
About Comverse Infosys, Inc.
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visit Comverse at cominfosys.com.
About Comverse Technology, Inc.
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Visit Comverse Technology's web site at comverse.com. |
