Formula Systems (FORTY)

[midastouch017]

Formula Telecom Solutions acquires US-based Viziqor

CEO Amos Sivan: This positions us as a leading provider of billing and BSS solutions in North America.

Globes correspondent 7 Dec 05 15:34

Formula Telecom Solutions Ltd. (AIM: FTS), a provider of billing and CRM solutions for service and content providers and the telecom industry, today announced it has completed the acquisition of US based Viziqor Solutions Inc.
Viziqor is a privately-held, leading provider of billing and business support systems (BSS). In 2004, Viziqor merged the operations of Daleen Technologies, Inc. and Protek Telecommunications Solutions Limited. For the nine month period ended September 30th, 2005 Viziqor generated $11 million in revenues. The company is headquartered in Boca Raton, Florida and has regional offices across North and South America, Europe and Africa. Viziqor's has customers and partners in more than 40 countries worldwide.

Formula Telecom Solutions is part of the Formula Systems (Nasdaq: FORTY; TASE: FORT) group.

Formula Telecom Solutions stated that the acquisition positions it as a leading provider of billing and BSS solutions in the North American market. After the acquisition, Formula Telecom Solutions will have over 80 customers and close to 400 employees.

Formula Telecom Solutions founder and CEO Amos Sivan said, "Over the last 18 months we have taken meaningful steps to build and strengthen our US presence. Acquiring Viziqor, with their well known and highly regarded products, as well as their experienced team of professionals, will be instrumental as we help this market deliver on the promise of next generation services and content."

Formula Telecom Solutions quoted Yankee Group VP communications software strategies Paul Hughes as saying that, "Formula's acquisition of Viziqor strengthens the company's product portfolio expansion with minimal technology overlap, and more importantly, gives the organization a strong North American presence and an enviable customer base that includes Tier 1 and Tier 2 service providers and next generation content and media providers."

Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, December 07, 2005

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