Vyke Acquires UK-based Telecoms Company Callserve
Vyke Communications recently announced its acquisition of Callserve Communications Limited ("Callserve"), a UK-based telecommunications service provider. The deal is expected to be sealed by the 30th January 2008, for a maximum consideration of £2.9M.
The acquisition of Callserve compliments and expands on Vyke's existing operational base in the UK and will enable greater penetration into the UK market. Callserve also has existing African and Middle Eastern distribution networks, where customers will benefit from conversion to the Vyke product suite.
Callserve, founded in 1999, is a profitable and well managed company that has built up a strong reputation in the industry. Total gross revenues for the calendar year ending 31st December 2007 were £8.5 million and Net liabilities at completion are estimated at around £1m. The consideration will be satisfied by the issue and allotment of up to 4,004,602 ordinary shares in Vyke, with lock in periods of up to one year for the majority of the shares.
Tommy Jensen, Executive Chairman of Vyke, said, "The UK market represents a very exciting opportunity for Vyke, and the addition of Callserve provides us with key wholesale VoIP network infrastructure and additional domestic operational resources.
The acquisition also provides the opportunity to channel Callserve's existing customer base into the Vyke product suite and I am confident that this will help to drive Vyke's continued long term growth."
About VYKE
Vyke Communications plc is the leading mobile Voice over Internet Protocol ("VoIP") service provider and is headquartered in the UK with subsidiaries and offices in Norway, USA, Iceland and Malaysia. The strategic goal of Vyke is to combine its expertise in VoIP-based communication systems, mobile data service creation/handset technology and wholesale carrier network management to provide a converged communication solution. Vyke's current set of mobile-oriented products offers up to a 95% discount compared to current typical mobile operator pricing structures.
About VYKE MOBILE IP
Vyke Mobile IP is the leading mobile-oriented Voice over IP (VoIP) service offering users up to 95% discount compared to typical mobile operator pricing structures. One of the first mass market mobile VoIP services, launched in April of 2006, Vyke Mobile IP features mobile oriented sign-up steps, automatic configuration services and pricing.
About the VYKE product suite
The Vyke suite of communication products features advanced services providing users with low cost, mobile operator/fixed line provider independent ways of making voice calls and sending text messaging from the mobile phone, PC and internet. Over 1.3 million active paid usage accounts have been created within the Vyke product suite.
For more information please visit www.vyke.com
SOURCE: VYKE COMMUNICATIONS PLC.