Openwave Sells Location Business to Persistent Systems
February 01 2012 - 5:27PM
Business Wire
Openwave Systems Inc. (Nasdaq: OPWV), a global software
innovator and the inventor of the mobile internet, announced today
the sale of its Location business to a subsidiary of Persistent
Systems Ltd. (BSE & NSE: PERSISTENT), a leader in outsourced
software product development (OPD) services. Specific financial
terms of the deal were not disclosed.
“We have achieved the first milestone in our strategic
initiative to divest Openwave of its product businesses. We are
pleased with the sale of our Location business to Persistent
Systems, a longstanding development partner of ours, and we are
committed to a smooth transition for our location customers and
employees,” said Mike Mulica, CEO of Openwave. “We continue to
believe in our ability to drive toward the execution of our
strategic plan for our market-leading mediation and messaging
product lines, as we continue to focus on our intellectual property
business and drive long-term profitability.”
Openwave will make further disclosures regarding its strategic
alternatives process as, and when, a specific transaction is
approved by the Board of Directors or it is otherwise determined
that further disclosure is appropriate or required by law.
About Openwave
Openwave Systems Inc. (Nasdaq: OPWV) is a global software
innovator and the inventor of the mobile internet. Openwave
established many of the foundational patents that allow mobile
devices to connect to the Internet. Over the years, the company has
built a patent portfolio of approximately 200 patents covering many
innovations spanning smart devices, cloud technologies and unified
messaging. Today Openwave provides all-Internet Protocol (all-IP)
mediation and messaging solutions that enable communication service
providers to create and deliver smarter services.
Building on its mobile data heritage, Openwave mobilizes the
Internet with data-driven solutions that comprehensively enhance IP
traffic and increase the value of the mobile network. Openwave arms
its customers with a 360-degree view of network activity plus the
tools to help them proactively optimize network resources
(Congestion Control), react to user behavior with smarter data
plans and services (Price Plan Innovation), and deliver a
contextually relevant messaging experience (Converged
Messaging).
Openwave is a global company with a blue chip customer base
spanning North America, Latin America, Australia and New Zealand,
Asia, Africa, Europe, and the Middle East. It holds Openwave is
headquartered in Silicon Valley, California.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements regarding Openwave’s expectations regarding its future
strategic direction. All statements other than statements of
historical fact contained in this press release are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue” or the negative of these
terms or other comparable terminology. These statements are only
current predictions and are subject to known and unknown risks,
uncertainties and other factors that may cause Openwave’s actual
results, levels of activity, performance or achievements to be
materially different from those anticipated by the forward-looking
statements. These forward-looking statements are subject to a
number of risks, including the ability of Openwave to realize
anticipated results of its strategy, the ability of Openwave to
deliver and capitalize on the opportunities of its strategy, the
ability of Openwave to execute its strategy as well as those risk
factors discussed in filings with the U.S. Securities and Exchange
Commission (“SEC”), including but not limited to the Company’s
Annual Report on Form 10-K filed on September 6, 2011, and any
subsequently filed reports on Forms 10-Q and 8-K. Openwave
undertakes no duty to update or revise any of the forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date of this press release.
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