2/6/2003 - Verso Technologies, Inc. (Nasdaq: VRSO), an integrated communications solutions company, announced that the Bankruptcy Court having jurisdiction over Clarent’s pending Chapter 11 reorganization has approved Verso’s acquisition of substantially all of Clarent’s business assets. As a result, Verso and Clarent will move forward to complete the acquisition process, with the closing of the transaction expected to occur by February 13, 2003. Verso will discuss further details of the transaction during its fourth quarter investor conference call, which will be held in mid-February.
On December 16, 2002, Verso and Clarent announced that they had signed a definitive agreement whereby Verso would acquire substantially all of the business assets of Clarent Corporation, a provider of Voice over Internet Protocol (VoIP) solutions for next generation networks and enterprise convergent solutions, for $9.8 million, which Verso currently intends to finance through a combination of cash and notes. To facilitate the transaction, Clarent filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code.
Clarent’s product families address three main markets: the converged enterprise, long distance bypass and IP-based voice services over last-mile broadband networks. Key products include next generation switching and call control software, high density media gateways, multi-service access devices, signaling and announcement servers, network management systems and high demand telephony applications based on packet-switched technology.
About Verso Technologies
Verso Technologies provides integrated switching and solutions for communications service providers who want to develop IP-based services with PSTN scalability and quality of service. Verso's unique, end-to-end native SS7 capability enables customers to leverage their existing PSTN investments by ensuring carrier-to-carrier interoperability and rich billing features. Verso's complete VoIP migration solutions include state of the art hardware and software, OSS integration, the industry's most widely used applications and technical training and support. For more information about Verso Technologies, contact the company at www.verso.com or by calling 678.589.3500.
About Clarent Corporation
Clarent Corporation is a leading provider of softswitch and enterprise convergence solutions for next generation networks. Clarent solutions enable service providers and enterprises to quickly deploy an integrated network capable of carrying both voice and data traffic, deliver capital and operating expense savings, and generate new revenue opportunities with innovative services. Founded in 1996, Clarent is headquartered in Redwood City, California, and has offices in North America, Europe and Asia. For more information please visit www.clarent.com.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: