6/16/2004 - Aptilo Networks and Birdstep Technology have entered into a Heads of Agreement, with the goal of merging the IP Zone division with Aptilo Networks to establish a leading European Public Wireless LAN software company. The merged company will operate as Aptilo Networks with Birdstep Technology as a major shareholder.
The transaction creates a company that will be the leading global force within Public Wireless LAN systems.
Aptilo Networks and Birdstep have the same architectural platform, and hence the customers of the two companies can expect better and broader product capabilities. Although the companies share the same business philosophy, their customer bases do not overlap, and there will be strong offerings for the Enterprise, Public Hotspots and general Broadband markets.
Together Nordstjernan, Aptiloís largest shareholder today and Birdstep will inject SEK 35 million. The merge will give Aptilo enhanced capabilities to accelerate its future growth strategy and sales in Europe, Americas and Asia to ensure that Aptilo Networks stays ahead of the competition.
The combined company will have a significant installed base with customers like Vodafone, T-Mobile, Telecom Malaysia, Tele2 and Telenor and strong partners such as HP, Intel, Nortel and Capgemini.
The planned transaction is based on an estimated market value of SEK 150 million of Aptilo Networks AB, and an estimated market value of SEK 80 million of Birdstepís IP Zone division.
After injecting the IPZone division and SEK 25 million in cash, Birdstep will hold close to 40% of the combined company which is valued at SEK 265 million (€28 million).
Subject to satisfactory due diligences and approvals of final terms and conditions Aptilo will acquire the assets of Birdstepís IP Zone division. Birdstep will become a major shareholder of Aptilo after the transactions.
About Birdstep Technology
Birdstep Technology is traded on the Oslo Stock Exchange (OSE) under ticker íBIRDí. The company has headquarters in Oslo and Seattle in addition to offices in London, Cambridge, Frankfurt, Boston, San Francisco and Shanghai. Birdstepís small footprint, high performance database technologies combined with its wireless roaming and access software enables companies to build innovative solutions for embedded systems and the Mobile Internet. Birdstep makes your information accessible anytime, anywhere, on any device and on any infrastructure. Birdstepís global customers include 3Com (COMS), VERITAS (VRTS), Harman Becker Automotive Systems, HP (HPQ), Accenture (ACN), Telenor (TELN), PCTel (PCTI), Connect One and the National Stock Exchange of India. For more information, visit www.birdstep.com.
About Aptilo Networks
Aptilo Networks develops system solutions for PWLAN (Public Wireless LAN), also referred to as hotspots or Wi-Fi areas. The solution enables wireless Internet access at public venues and places such as hotels, coffee shops, airports and conference centres. Aptilo Networks' solution is designed and developed to meet the needs of telecom operators, ISPs and other service providers providing professional, carrier-class access, and public WLAN services. The company is based in Stockholm, Sweden, with regional offices in Kuala Lumpur, Malaysia and Dallas, in Texas, USA. Aptilo systems are up and running in 30 countries on five continents.
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