Smith Micro Completes Acquisition of Smart Retail Product Suite from ISM Connect
January 09 2019 - 4:05PM
Business Wire
Smith Micro Software, Inc. (NASDAQ: SMSI) today announced that
it has completed its previously announced acquisition of ISM
Connect, LLC’s Smart Retail product suite. The Smart Retail
platform enables wireless carriers and retailers to bring devices
to life with on-screen interactive demos that deliver consistent
and targeted messaging and advertisements.
“I am very pleased to announce the closing of our acquisition of
the Smart Retail Product Suite, which brings to Smith Micro a new
growing and profitable revenue stream while deepening the
relationships with our Carrier and OEM customers,” said William W.
Smith Jr., President and CEO of Smith Micro Software.
The Smart Retail platform, which Smith Micro will call
ViewSpot™, enables wireless carriers and retailers to offer
powerful on-screen, interactive demos that deliver consistent,
secure and targeted content that showcases the features of the
devices that consumers want to see and learn more about. The
platform also offers analytics capabilities, which allow carriers
to gain valuable insights into their consumer base and its buying
behavior. By adding the ViewSpot platform to its own product suite,
Smith Micro will be able to leverage these capabilities for use
across its entire product portfolio. The platform is a logical
addition to Smith Micro’s existing product line that reaches
wireless carriers and provides them with services that can attract
and retain customers.
With little competition in this niche market that combines both
marketing and device expertise, Smith Micro has acquired a stable
business with strong growth potential.
Pursuant to the terms of the transaction, Smith Micro paid an
aggregate purchase price of approximately $9.8 million, consisting
of $4 million in cash and $5.8 million through the issuance of
Smith Micro common stock. A Current Report on Form 8-K containing
further details regarding the closing of the transaction and the
terms thereof will be filed by the Company and will be available on
the SEC’s EDGAR database as well as on the Company’s website under
the Investor Relations section. Buchanan Ingersoll & Rooney PC
served as counsel to the Company.
For further information, please visit: Smart Retail Product
Suite
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.
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. ISM modernizes the way fans experience
events, brands market and venues present themselves. For more
information, visit www.ismconnect.com.
Forward-Looking Statements:
Certain statements in this press release are forward-looking
statements regarding future events or results, including statements
related to the anticipated benefits to the Company of the Smart
Retail product line acquisition and our expectations regarding the
future profitability and growth potential of the Smart Retail
business, and statements using such words as “expect,”
“anticipate,” “believe,” “plan,” “intend,” “could,” “will” and
other similar expressions. Forward-looking statements involve risks
and uncertainties, which could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. Among the important factors that could cause or
contribute to such differences are our ability to integrate the
Smart Retail business with our existing operations, our ability to
operate the Smart Retail business in the manner that we anticipate,
our ability to continue as a going concern, our ability to raise
more funds to meet our capital needs, changes in demand for our
products from our customers and their end-users, customer
concentration, given that the majority of our sales depend on a few
large customer relationships, new and changing technologies,
customer acceptance and timing of deployment of those technologies,
and our ability to compete effectively with other software and
technology companies. These and other factors discussed in our
filings with the Securities and Exchange Commission, including our
filings on Forms 10-K and 10-Q, could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements. The forward-looking statements
contained in this release are made on the basis of the views and
assumptions of management, and we do not undertake any obligation
to update these statements to reflect events or circumstances
occurring after the date of this release.
Smith Micro and the Smith Micro logo are registered trademarks
or trademarks of Smith Micro Software, Inc. All other trademarks
and product names are the property of their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20190109005831/en/
IR INQUIRIES:Charles MessmanInvestor
Relations949-362-5800IR@smithmicro.com
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