DOYLESTOWN, Pa., Dec. 20, 2018 /PRNewswire/ -- Smith Micro
Software, Inc. (NASDAQ: SMSI) announced that it has entered into a
definitive agreement to acquire the assets of ISM Connect, LLC's
Smart Retail product suite. The powerful Smart Retail
platform enables wireless carriers and retailers to bring
interactive demos that deliver consistent, targeted and secure
content, including messaging and advertising campaigns to smart
phones and tablets.
Smart Retail will be a substantial augmentation to Smith Micro's
business and a logical addition to a product line that targets
wireless carriers. Pursuant to the terms of the transaction, Smith
Micro will acquire the assets of ISM Connect's Smart Retail product
suite for a purchase price of approximately $9.8 million, consisting of $4 million payable in cash and $5.8 million payable through the issuance of
Smith Micro common stock.
Derick Schaudies of Leonis
Partners, a New York based
full-service advisor, served as the lead advisor to ISM for the
transaction.
"We believe SMSI will be acquiring a strong business unit of
very passionate, hardworking individuals that will contribute to
their goals," said Kent Heyman, CEO
of ISM Connect. "As we look forward to 2019, the transaction
will enable us to redeploy capital to help build our best-in-class
fan activation platform, growing core networks with partners such
as Minor League Baseball and NASCAR, as well as new opportunities
to create technology solutions for high-value venues."
For more detail on the transaction and how it benefits Smith
Micro's business, view here.
About ISM Connect
ISM is an industry innovator building the world's first
fully-integrated network of smart engagement
technology. ISM's network of over 100 venues
reaches an audience of nearly 110 million consumers.
We modernize the way fans experience events, brands market and
venues present themselves. For more information, visit
www.ismconnect.com.
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile
experience, providing solutions to some of the leading wireless
service providers and Cable MSOs around the world. From enabling
the family digital lifestyle to providing powerful voice messaging
capabilities, our solutions enrich today's connected lifestyles
while creating new opportunities to engage consumers via
smartphones and consumer IoT devices. Our portfolio also includes a
wide range of products for creating, sharing and monetizing rich
content, such as visual messaging, and 2D/3D graphics applications.
For more information, visit www.smithmicro.com.
Contact: Brian Becker, (862)
221-2135, brian.becker@ismconnect.io
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SOURCE ISM Connect