Syniverse Technologies acquires telecommunications business of ITHL

BANGALORE: Syniverse Technologies , a provider of technology services to wireless telecommunications companies worldwide, today announced that it has acquired the telecommunications business of Interactive Technology Holdings Limited (ITHL) for up to US$45 million in cash, including potential earn-out payments of up to US$7 million if certain financial goals are achieved.

Headquartered in Hong Kong, ITHL is a leading provider of value-added services to carriers in the Asia Pacific region. It has approximately 180 employees and nine regional offices including offices in Singapore, Malaysia, and Taiwan. The acquisition expands Syniverse's footprint in the Asia Pacific region, adds a complementary customer base, new products, advanced development capabilities, and in-region customer support.

"The acquisition of ITHL is an important step in Syniverse's strategic plan for global expansion and product development," said Tony Holcombe, President and CEO of Syniverse Technologies. "ITHL provides many new customers, most of whom are GSM operators, and a strong set of advanced products, including prepaid, messaging, video and number portability products that complement Syniverse's existing suite of services. Additionally, ITHL expands our presence and provides us with additional development capabilities in the heart of the world's most advanced wireless market."

ITHL chairman & CEO Raymond Cheung says, "The combination of Syniverse and ITHL's Telecommunications business represents a strong strategic fit and provides each company with expanded sales and marketing opportunities. The Asian wireless telecommunication carriers have been leaders in the adoption of 3G products, and ITHL has been a leader in 3G solutions development for many years. With complementary product sets, we will be able to leverage Syniverse's scale and global customer base and will have an opportunity to provide these next-generation wireless solutions to other operators around the world."

Syniverse will maintain ITHL's nine existing offices and gain approximately 180 full-time employees. The acquisition will be accounted for as a purchase transaction and is expected to be accretive to earnings in 2006.

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